On Thursday, the Euro will react to the European Central Bank's announcement of the Main Refinancing Rate and the follow up press conference. The publication of the rate and monetary policy statement is scheduled for 12:15 GMT. The press conference is scheduled for 12:45 GMT.
Meanwhile, between the ECB events, at 12:30 GMT the US Advance GDP is set to be published. The event will impact all US Dollar pairs.
On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
XAU/USD short-term forecast
An extension of the ongoing surge is set to face resistance at 1,678.75/1,683.85, where the early October high level zone is located at.
On the other hand, a decline of the metal could look for support in the 1,660.00, 1,650.00 and 1,640.00 levels.
XAU/USD daily charts review
On the daily candle chart, the price found support in the September low level near 1,615.00. Currently, note that the 50-day SMA is strengthening resistance at 1,685.00. Meanwhile, the 100-day SMA is located near 1,716.00.Daily Candle Chart
Traders are long
On Wednesday, the sentiment on the Swiss Foreign Exchange was 62% bullish. Namely, 62% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 61% to buy the precious metal.