On Wednesday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price index data was released. The USD reacted by declining. On the bullion charts the move was observed as a test of the resistance of the 1,825.00 mark. By large, it can be observed that the price respects round price levels. Economic Calendar Analysis
On Thursday, at 13:30 GMT, the US Producers Price Index and Core Producers Price Index data sets are scheduled to be published. At the same time, the US weekly Unemployment Claims could cause a minor impact on the USD.
The week will end with the US Retail Sales and Core Retail Sales on Friday at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the price for gold continue to surge, the bullion would most likely encounter resistance in 1,825.00. The surge could eventually end at the summer high level zone that starts at 1,830.00.
On the other hand, a decline would need to pass the 1,815.00 mark, before reaching the 50 and 200-hour simple moving averages at 1,810.00.
XAU/USD daily charts review
The daily candle chart can be used to more clearly explore previous high level zones at 1,830.00 and 1,880.00. Meanwhile, the same rule applies to 2021 low levels.In addition, note that the price was being kept up by the 50, 100 and 200-day simple moving averages since the middle of December. The sharp drop caused by the Fed moved the price below the moving averages.
Daily Candle Chart
Long sentiment decreases
Since Tuesday, the sentiment on the Swiss Foreign Exchange was 54% bullish, as 54% 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 56% to sell the precious metal.
On Monday, the sentiment was 57% long and pending orders were neutral.