On Tuesday, gold made an attempt to surge, which was stopped by the resistance of the 55-hour simple moving average near 1,460.17.
The SMA was expected to push the rate into a test of the support of the 1,450.00 level.
The pair could be slightly impacted by the US publications on Wednesday.
At 13:30 GMT, the US Durable Goods Orders, Core Durable Goods Orders and Preliminary GDP are scheduled to be released.
In the meantime, the week's reaction tables have been published. Take a look at the 25.11-29.11 Event Historical Reactions publication.
XAU/USD short-term forecast
On Monday, the XAU/USD exchange rate declined to the lower boundary of the short-term descending channel at 1,453.00. During today's morning, the rate reversed north.
From a theoretical perspective, it is likely that the price for gold could raise within the following trading session. In this case, the rate could reach the Fibonacci 23.60% retracement at the 1,462.89 mark.
However, note that yellow metal is pressured by the 55-hour SMA, currently located at 1,460.79. If the given resistance holds, it is likely that gold could depreciate against the Greenback in the short run.
Hourly Chart
On the daily candle chart, the commodity price is being kept down by the resistance of the 100-day simple moving average near 1,483.40. In addition, take into account that the 55-day SMA is approaching the rate from above.
Daily Chart
Traders remain long on gold
On Tuesday, 60% of open gold position volume was in long positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 68% of orders were to buy and 32% to sell.