At mid-Wednesday, the price was located in the resistance zone. Due to that reason, previous forecast scenarios remain unchanged. Economic Calendar Analysis
Thursday will end with the US ISM Services PMI, which might cause minor volatility.
On Friday, the US is going to publish employment data at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
A move above the resistance zone and the 1,810.00 level could result in a test of the 1,815.00 level. Higher above, take into account the 1,825.00 mark and the 200-hour simple moving average near 1,820.00.
On the other hand, the price might bounce off the resistance zone. A potential decline would most likely look for support first in the 1,800.00 level, before reaching the 50-hour simple moving average near 1,795.00.
XAU/USD daily charts review
On the daily candle chart, the rally of the USD has caused a drop of the price for gold to plummet below the 50, 100 and 200-day simple moving averages and a breaking of the channel, which captured the surge since early December.In regards to larger scale support, note the November and December low level zone below the 1,760.00 mark.
Daily Candle Chart
Traders are long on gold
Since Monday, the sentiment on the Swiss Foreign Exchange was 57% bullish, as 57% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 58% to buy the precious metal.