The yellow metal managed to pass the resistance of the 1,915.00 level. However, the 1,920.00 mark immediately stopped the rate's surge.
On Wednesday, the price fluctuated sideways between the 1,915.00 and 1,920.00 levels.
Economic Calendar Analysis
On Thursday, the weekly US Unemployment Claims will be out at 12:30 GMT.
On Friday, the US Markit Flash Services and Manufacturing PMIs could cause a move.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
On the one hand, it is likely that yellow metal could continue to appreciate against the US Dollar within the following trading session. In this case the rate could target the 1,930.00 mark.
On the other hand, it is likely that the exchange rate could reverse south in the short run. Note that the rate could gain support from the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,905.00 area.
Hourly Chart
On the daily candle chart, since the previous Wednesday, the rate was fluctuating between two Fibonacci retracement levels.
Resistance was provided by the 38.20% Fibo at 1,916.78 and support was provided by a 23.60% Fibonacci retracement level at 1,879.18.
Meanwhile, the 23.60% Fibo was being supported by the 100-day simple moving average. In the meantime, the rate could face additional resistance from the 55-day SMA.
Daily Candle Chart
Long sentiment does not change
Since last week's Thursday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 61% was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 72% to buy the metal.
The orders were 73% to buy on Tuesday.