From the US Dollar's side, the markets could react on Thursday at 12:30 GMT to the publication of the US monthly Retail Sales data and weekly Unemployment Claims.
XAU/USD short-term forecast
A breaking of the all-time-high level is expected to encounter resistance in the 2,700.00 mark and the upper trend line of a channel up pattern.
In the case of a decline, the rate would have to fail to pass the 2,670.00 level, before approaching the 50 and 100-hour simple moving averages near the lower trend line of the mentioned channel up pattern. Further below, note the 2,640.00 level and the 200-hour SMA.
XAU/USD daily charts review
On the daily candle chart, the metal has ended its consolidation. It has found support in the 2,600.00 mark and appears to be resuming the broader surge.Daily Candle Chart
Traders add to short positions
On Wednesday, 67% of volume was in short positions.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 100% to buy the metal.
On Monday, traders were 64% short. At the same time, the pending orders were 50% to buy and sell.