Economic Calendar Analysis
On Thursday, the US Consumer Price Index, US Core Consumer Price Index and the US Unemployment Claims are set to be released exactly at 12:30 GMT. Most likely, all USD asset and pair moves from 12:30 to 12:35 could be attributed to these data sets.
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 XAU/USD exchange rate is likely to continue to edge lower during Thursday's trading session. The potential target for the commodity will be near the 1860.00 level.
However, bearish traders may encounter support at the 1880.00 area in the shorter term.
Hourly Chart
XAU/USD daily charts review
The yellow metal continues to edge higher in a channel up pattern. The recent decline on Friday, confirmed the strength of the lower trend line of the pattern, as the commodity price bounced off the trend line.In the future, a 23.60% Fibonacci retracement level could provide resistance at 1,928.61.
Daily Candle Chart
Traders are short on XAU/USD
On Thursday, the sentiment on the Swiss Foreign Exchange was 52% bearish, as 52% of open position volume was short.
In addition, in the 1000-pip range around the metal's price the pending orders were 76% to buy the metal.