The yellow metal's price failed to pass the resistance of the 1,970.00 level despite making many attempts. Moreover, eventually, the price broke the hourly chart's rising wedge pattern.
By the middle of Thursday's GMT trading hours, the rate had reached the support of the 1,940.00 mark.
Economic Calendar Analysis
On Thursday, at 12:30 GMT, the US weekly Unemployment Claims could cause a move.
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XAU/USD short-term forecast
During Thursday morning, the rate dropped below the 200-hour SMA near 1,945.00.
It is likely that some downside potential could prevail in the market in the short term, and the price for gold could target the 1,920.00/1,930 range.
In the meantime, it is unlikely that some upside potential could prevail in the market, and the price for yellow metal could exceed the 55– and 100-hour SMAs in the 1,955.00 area.
Hourly Chart
On the daily candle chart, the metal has failed at another attempt to pass the resistance of the 61.80% Fibonacci retracement level at 1,977.55. Moreover, the pair passed the support of the 50.00% level at 1,947.16.
Due to that reason, the price had no support as low as the combination of the 38.20% Fibonacci and the 55-day SMA at 1,917.79/1,916.78.
Daily Candle Chart
Traders remain long
Since Friday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 57% was long.
On Wednesday, the sentiment decreased to 56% long, and on Thursday to 55%.
Meanwhile, in the 1000-pip range around the metal's price the orders were 71% to buy.