On Friday, the US Consumer Price Index release at 12:30 GMT is set to impact all financial markets through the value of the USD.
XAU/USD short-term forecast
In the case that the commodity price surges, round price levels are set to act as resistance. The 1,865.00, 1,870.00 and 1,875.00 levels could once again act as resistance, as they have done since late May.
Meanwhile, a decline of the yellow metal's price might find support in the June low levels at 1,837.00 and 1,828.30.
XAU/USD daily charts review
On the daily candle chart, the price has been trading around the 200-day simple moving average.In the meantime, note the resistance zone at 1,890.00/1,915.00. In addition, the 50 and 100-day simple moving averages are strengthening the resistance range.
Daily Candle Chart
Traders are long on gold
On Wednesday, the sentiment on the Swiss Foreign Exchange was 61% bullish. Namely, 61% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 59% to buy the precious metal.