The situation on the yellow metal's price charts has not changed, as the rate continues to trade near the 1,700.00 mark, where it is being influenced by the hourly simple moving averages.
Economic Calendar Analysis
There are no notable events scheduled for Thursday that could affect the exchange rate.
On Friday, the week will end with the employment data release from the United States, on Friday at 12:30 GMT.
XAU/USD short-term forecast
On Tuesday, the XAU/USD exchange rate tried to surpass the 200-hour SMA near 1,707.00. During today's morning, the rate was trading in the 1,705.00 area.
On the one hand, it is likely that yellow metal could remain under pressure of the given moving average and trade downwards against the US Dollar in the short term. A possible downside target is the 1,690.00 level.
On the other hand, the exchange rate could gain support from the 55-hour SMA near 1,702.00 and trade upwards in the nearest future. In this case the price for gold could reach the 1,720.00 level.
Hourly Chart
On the daily candle chart, the metal is overbought, as its price is far above the daily simple moving averages. The most close by 55-day SAM was located at the 1,640.00 mark.
Daily Candle
Traders are long on gold
On Tuesday, the Swiss Foreign Exchange sentiment was 55% long. Namely, 55% of open position volume was in long positions.
By mid-day on Wednesday, the sentiment was 56% long.