The data revealed higher than expected inflation in the United States. From one perspective, it increased the value of the USD against other currencies, as the local demand for it has increased.
On the other hand, the data confirmed the global high inflation fears of all currencies. Due to that reason, the price of gold jumped on the release of the data at 13:30 GMT. The jump almost hit the 1,870.00 mark before a retracement back down started. Economic Calendar Analysis
No more events this week are likely to impact the price of Gold. Next week's event review is set to be done on Friday.
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
In the case that the yellow metal's price continues to decline, it could look for support in the summer high level zone and the 50-hour simple moving average at 1,830.00/1,834.40. Below the support zone, note the 100-hour simple moving average near 1,815.00.
Meanwhile, a potential resumption of the surge of the price might encounter resistance in the 1,850.00 and 1,870.00 levels before aiming at the 1,900.00 mark.
XAU/USD daily charts review
On the daily candle chart, traders can observe this and last year's high level zones near 1,900.00, 1,950.00 and 2,000.00.Daily Candle Chart
Traders are short
On Wednesday, the sentiment on the Swiss Foreign Exchange was 55% bearish, as 55% of open position volume was in short positions.
On Tuesday, the sentiment was 53% short.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 80% to buy the precious metal.