By the middle of Thursday's trading, the situation had not changed.
Economic Calendar Analysis
There are no data releases scheduled for the rest of the week that might impact the price of gold through the strength of the US Dollar.
XAU/USD short-term forecast
The commodity price continues to make attempts to pass the resistance of the hourly simple moving averages. The attempts are being made due to the still existing fundamental run to safety.
If the yellow metal's price manages to pass the SMAs, it could surge up to the 1,520.00 level.
On the other hand, if the bears manage to start a decline, it could reach for the monthly pivot point that is located at the 1,487.41 level.
Hourly Chart
The massive scale pattern of the weekly candle chart has been broken. The metal continues to surge. As this pattern has been broken, there is no resistance to the metal.
Note, that the 55-, 100- and 200-period SMAs are currently located in the 1,505.95/1,514.43 range, it is likely that some downside potential could occur.
Weekly Chart
Traders are still short
On Wednesday, 67% of open position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Thursday's London trading session, the sentiment had become 62% short.
Meanwhile, in the 1000 base point range around the current metal's price the orders were bullish - 63% were set to buy, and 37% of orders were set to sell.