On Wednesday, the yellow metal's price plummeted more than 1.50%. The drop was caused by the growing strength of the US Dollar.
The surge of the USD was attributed to the markets selling off various assets in preparation for the US Elections.
Economic Calendar Analysis
On Thursday, at 12:30 GMT two events will be released that the financial media will talk about. The US Advance GDP and the Unemployment Claims would be released at that time. However, recently both of them have not caused notable moves
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
The drop of the yellow metal broke the channel down pattern. Moreover, there were no close by technical levels.
Due to that reason, the rate is expected to look for support and resistance in round price levels. However, note that during this and the next week, the price is going to be dictated by US election news.
Hourly Chart
On the daily candle chart, the yellow metal has passed the support of the 100-day SMA. However, by the middle of the day's GMT trading hours, the support of the 23.60% Fibonacci retracement level still held at the 1,879.18 level.
Daily Candle Chart
Traders are long on gold
On Wednesday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 60% was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 75% to buy the metal.