In the meantime, it was observed that the price was ignoring the 50 and 100-hour simple moving averages. Economic Calendar Analysis
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
In the case of a decline, the commodity price could look for support in the 1,795.00 mark, which acted as support on Tuesday. A move below this level could aim at the late January low level support zone above the 1,780.00 mark.
On the other hand, a surge of the metal's price would have to pass the 1,810.00 mark and the zone below it, before aiming at the 1,815.00 mark and the 200-hour simple moving average.
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 83% to buy the precious metal.