On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
Given that breakout has occurred, bearish traders are likely to continue to drive the exchange rate lower during the following trading session. The potential target for bears will be near the 1780.00 area.
However, the 100– hour simple moving average at 1793.06 could provide support for the XAU/USD pair within this session.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the fundamental move up that was caused by US employment data managed to pierce the resistance of the 100-day simple moving average, which was keeping the price down since June 18.A potential target for the surge could be the combination of the 55 and 200-day simple moving averages near 1,830.00.
Daily Candle Chart
Traders are long on gold
On Wednesday, the sentiment on the Swiss Foreign Exchange was 66% bullish, as 68% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 57% to buy gold.