Economic Calendar Analysis
On Thursday, the US Core Durable Goods Orders data will be published at 12:30 GMT.
The week will end with the US Advance GDP data release on Friday at 12:30 GMT.
XAU/USD short-term forecast
During the previous trading session, gold traded sideways against the US Dollar within the cluster formed by the 100– and 200-hour SMAs, located at 1,425.73 and 1,421.09 respectively.
During Thursday's morning, the XAU/USD exchange rate breached the given cluster north. It is expected, that some upside potential could prevail in the market in the short run. In this case, the rate could target the 1,435.00 level.
Otherwise, it is likely, that the rate could continue to trade sideways around the given moving averages. It is unlikely, that bears could prevail in the market, and the price for gold could drop lower than the 1,415.00 mark.
Hourly Chart
On the daily chart, it can be observed that the metal pierced the resistance of the August 2013 high level at 1,434.70. The event signals that the metal can continue to surge.
Daily Chart
Traders remain short on gold
On Thursday, 69% of open gold position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the orders were bullish - 58% of orders were set to buy, and 42% were set to sell.