On Thursday, the US weekly Unemployment claims could create a minor reaction in the US Dollar. However, by large this event is being ignored by the markets, unless there is a large discrepancy from forecasts.
Also on Thursday, note that the head of the Federal Reserve Jerome Powell is set to speak at a public event at 16:00 GMT. However, it is a luncheon event at the New York Economic Club, which makes the possibility of him speaking on policy quite low.
XAU/USD short-term forecast
Higher above, note the 1,970.00 and 1,980.00 levels that have acted as resistance in July. Above these levels, the 2,000.00 mark is expected to slow down the surge.
However, in the case of a decline, expect the 1,940.00 and 1,932.50 levels to provide support, before the price reaches the 50-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, the price has passed above the descending trend line and the 200-day simple moving average. Note that the 1,950.00/1,965.00 range has acted as resistance.Daily Candle Chart
Gold traders are neutral
This week, the Swiss Foreign Exchange, traders were 52% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 55% to sell.
During the weeks prior, traders were mostly long. It appears that they have taken profits and are ready to short.