On Wednesday, the rate once again found support in the 200-hour simple moving average near 1,785.00.
Economic Calendar Analysis
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD.
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
If the metal's price recovers, it would most likely face the technical resistance of the 100-hour SMA near 1,794.00. Afterwards, the 55-hour SMA near 1,798.00 might act as a resistance before the pair aims at the 1,800.00 mark.
Hourly ChartXAU/USD daily charts review
On the daily candle chart, the yellow metal's price has broken and passed the resistance of the 100 and 200-day simple moving averages near 1,793.00.In the meantime, a channel up pattern was spotted, which has guided the price since late September. If the pattern holds, the price could return to the 1,830.00 mark.
Daily Candle Chart
Traders are almost neutral
Since Monday, the sentiment on the Swiss Foreign Exchange was 53% bullish, as 53% of open position volume was in long positions.
Meanwhile, on Wednesday, in the 1000-pip range around the metal's price pending trade orders were 65% to buy the precious metal.