Up to the middle of Wednesday's GMT trading hours, the commodity price had passed the support of the 50, 100 and 200-hour simple moving averages and the trend line, which connects the late March and early April low levels. Afterwards, the rate had found support in the 1,940.00 mark. In addition, at mid-day, the 1,955.00 level appeared to be acting as resistance. Economic Calendar Analysis
On Thursday, the weekly US Unemployment Claims at 12:30 GMT might cause a minor USD move.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
In the near term future, a potential decline of the price for gold might look for support in the 1,940.00, 1,930.00 and 1,920.00 levels, before the 1,900.00 mark is reached. Namely, previous resistance levels could turn into support.
On the other hand, a surge of the metal is set to face the 1,955.00 level, the 200-hour simple moving average near 1,960.00 and the approaching 50 and 100-hour SMAs near 1,965.00 and 1,970.00.
XAU/USD daily charts review
On the daily candle chart, the metal's price appears to be pushed up by the 50-day simple moving average.Daily Candle Chart
Traders are slightly bearish
On Wednesday, the sentiment on the Swiss Foreign Exchange was bearish, as 53% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 57% to sell the precious metal.