On Thursday, at 12:30 GMT the US quarterly Preliminary GDP data is set to cause a move in the US Dollar and all of financial markets.
Meanwhile, note a major event this week, which is above data releases. On Friday, throughout the day the heads of the global central banks are meeting at the Jackson Hole symposium in the mountains of the United States. Namely, the head of the US Federal Reserve is hosting an event, where all the policymakers of the world will meet and synchronize their plans.
XAU/USD short-term forecast
If the price extends its recovery, the 1,800.00/1,807.75 zone could once again be reached and tested. However, take into account that round price levels might act as resistance.
On the other hand, a decline of the commodity price could look for support in the 1,745.00/1,755.00 zone and the 50 and 100-hour simple moving averages, before returning to the 1,730.00 mark.
XAU/USD daily charts review
On the daily candle chart, the price appears to have bounced off the May and June low level zone, which has turned from support into resistance. In regards to the future, note the 2021 and 2022 low level zone at 1,675.00/1,680.00.On August 24, it was spotted that the price for gold has been encountering resistance in the 2021 October, November and December low levels, which are being strengthened by the 50-day simple moving average.
Daily Candle Chart
Bulls dominate
On Wednesday, the sentiment on the Swiss Foreign Exchange was 67% bullish. Namely, 67% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 100% to buy the precious metal.
On Thursday, 65% of positions were long and set up orders were 63% to sell.