The XAU/USD exchange rate bounced off the lower boundary of an ascending channel pattern at 1765.3 on Wednesday. As a result, the commodity surged by 175 pips or 0.99% during Wednesday's trading session.
Economic Calendar Analysis
On Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT.
On Thursday, at 12:30 GMT, the US Advance GDP will be released.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
The exchange rate could continue to edge higher during the following trading session. Buyers are likely to target the 1800.00 level today.
However, technical indicators on the weekly time-frame chart suggest that the precious metal might decline against the Greenback during Thursday's trading session.
Hourly Chart
XAU/USD short-term daily review
On the daily chart, the XAU/USD exchange rate is continuing to trade among the 55-hour, 100-hour SMAs and the 50.00% Fibonacci retracement level.Previously, the SMA started to strengthen the resistance of the 50.00% Fibonacci retracement level of the 2020 low and high levels at 1,763.74.
Meanwhile, note that the 1,800.00 level was being strengthened by the resistance of the 100-day simple moving average.
Daily Candle Chart
Buy orders surge
Since Wednesday, the sentiment on the Swiss Foreign Exchange was 62% bullish, as 62% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 81% to buy the metal. Previously, the orders were 74% to buy.