In general, the metal was expected to trade sideways below 1,550.00 until the hourly simple moving averages push it into the historical high level of 1,555.00.
Economic Calendar Analysis
On Thursday, at 12:30 GMT the US Preliminary GDP might impact the price of gold.
XAU/USD short-term forecast
In general, the commodity price should fluctuate sideways below 1,550.00 until the 55 and 100-hour simple moving averages push it higher. If that occurs, the rate would test the high level of last week at 1,555.00.
If the last week's high gets passed, the rate will have no technical resistance levels. It would only be slowed down by the psychological resistance of round price levels.
On the other hand, if the simple moving averages fail to push the metal's price up, the metal might remain below 1,550.00.
Hourly Chart
On the daily candle chart, the recent surge did not pierce the upper trend line of the ascending channel pattern.
Daily Chart
Swiss traders short gold
On Thursday, 67% of trader open 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 pending orders were almost neutral – 52% of orders were to sell and 48% to buy.
Previously, the orders were strongly bearish, as 59% orders were to sell.