Since the start of Wednesday's trading, the yellow metal has been trading between the 1,730.00 and 1,740.00 levels. In the meantime, the price is being slightly impacted by the hourly simple moving averages and the Fibonacci retracement levels of the March 18 high and the March 12 low levels.
In regards to the near term future, the rate is highly likely to remain in the range between the 1,730.00 and 1,740.00 levels until a fundamental event sets a new direction for the price.
On Thursday, the US Final GDP is set to be released at 12:30 GMT.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the yellow metal surges and passes the 1,740.00 level, the price would most likely find resistance in the recent high levels at 1,742.50, 1,747.40 and 1,755.70.
On the other hand, a passing of the support of the 1,730.00 level would find support in the 1,725.00 and 1,720.00 levels.
Hourly Chart
On the daily candle chart, the metal could find resistance in the 50.00% Fibonacci retracement level at 1,763.74. This level provided the commodity with support in late November and February.
In the meantime, on Monday, the March high levels were connected and a parallel line was set at the March low level. This revealed a channel up pattern, which could have a significant role in the future.
Daily Candle Chart
Long sentiment remains intact
Since Wednesday, the sentiment on the Swiss Foreign Exchange was bullish, as 66% of open position volume was long.
Note that the gold sentiment is largely bullish at all times due to long term holders.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 71% to buy the metal.