On Thursday, the US Advance GDP data is set to reveal whether the United States are or are not experiencing a decline in the Gross Domestic Product at 13:30 GMT. The Advance GDP is the first data set that reveals how the economy has done in the last quarter.
The week will end with the publication of the US Core PCE Price Index. This index is the one being used by the US Federal Reserve to measure the impact of inflation on the consumers. It is seen by some as more important than the CPI. The release is scheduled for 13:30 GMT.
XAU/USD short-term forecast
An extension of the decline could look for support in the 1,920.00 level and the 200-hour simple moving average. Further below, note that the 1,915.00 level has acted as support.
On the other hand, a recovery of the commodity price could encounter resistance near 1,930.00. Higher above, note the 1,939.30/1,942.30 zone.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the late 2021 high level zone of 1,900.00/1,910.00. Meanwhile, above the 1,950.00 level take into account the high level zone of late 2020 and early 2021 at 1,957.85/1,965.70.Daily Candle Chart
Traders remain short
On Wednesday, gold traders were short, as 57% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 67% to buy.
On Tuesday, traders were 56% short and pending orders were 69% to buy.