By the middle of Thursday's European trading hours, the price had reached above the 1,785.00 level. Economic Calendar Analysis
The week's notable events will end with the weekly US Unemployment Claims at 13:30 GMT and the US PMIs at 14:45 GMT. These events have rarely caused notable USD moves.
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XAU/USD short-term forecast
A continuation of the surge would most likely test the resistance of the December high levels at 1,791.80/1,793.40. Higher above, the 1,800.00 mark was expected to act as resistance.
Meanwhile, a decline of the commodity might find support in the 100 and 200-hour simple moving averages at 1,780.00. Below the 1,780.00 level, note the 50-hour SMA near 1,775.00.
XAU/USD daily charts review
On the daily candle chart, the metal is finding resistance in the trend line, which connects the August, September and November low levels.Meanwhile, the 50, 100 and 200-day simple moving averages were at the trend line. It was spotted on December 8 that the SMAs were acting as resistance.
Daily Candle Chart
Traders are long
On Thursday, the sentiment on the Swiss Foreign Exchange was 60% bullish, as 60% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 67% to buy the precious metal.
On Wednesday, open position volume was 60% long. Pending orders were 78% to buy.