On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
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
Given that the exchange rate has bounced off the support line formed by the 50– hour SMA at 1794.57, the commodity is likely to continue to surge in an ascending channel pattern within this session.
On the other hand, the XAU/USD exchange rate might reverse from the current price level at 1802.4 and target the 1780.11 area during the following trading session.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the fundamental move up that was caused by US employment data managed to pierce the resistance of the 100-day simple moving average, which was keeping the price down since June 18.A potential target for the surge could be the combination of the 55 and 200-day simple moving averages near 1,830.00.
Daily Candle Chart
Traders are long on gold
On Wednesday, the sentiment on the Swiss Foreign Exchange was 66% bullish, as 68% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price, the pending orders were 71% to buy the metal.