Economic Calendar Analysis
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
XAU/USD short-term forecast
By and large, the commodity is likely to continue to edge lower during the following trading session. The potential target for bearish traders will be near the 1775.00 level.
However, the 200– hour SMA support line at 1788.1 could provide support for the yellow metal in the shorter term.
XAU/USD daily charts review
On the Daily time-frame chart, the yellow metal has encountered the resistance of the 100 and 200-day simple moving averages near the 1,810.00 level.Daily Candle Chart
Traders are almost neutral
On Wednesday, the sentiment on the Swiss Foreign Exchange was 54% bullish, as 53% of open position volume was long.
On Thursday, 54% of volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 77% to buy the precious metal.