On Friday, the US Flash Manufacturing and Services PMIs could cause an impact on the US Dollar.
XAU/USD short-term forecast
A move above 2,010.00 is expected to be slowed down by round price levels until the price once again reaches the notable levels of 2,030.00 and 2,050.00.
On the other hand, a decline of the metal below 2,000.00 might once again look for support in 1,990.00, 1,985.00 or 1,970.00. These three levels have acted as support.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the high level zone of 2020 and 2023. The zone appears to be no longer capable of impacting the commodity price, as round price levels have more impact.Next target for the surge is the 2020 August and 2022 March high level zone.
Daily Candle Chart
Read More: Technical Analysis
Traders are still short
Since Wednesday, gold traders were bearish, as 56% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 67% to sell.