This week, the US Consumer Price Index data release on Wednesday at 12:30 GMT is set to impact the financial markets.
On Thursday, watch out for the US Producer Price Index publication at 12:30 GMT. In addition, at the same time the US weekly Unemployment Claims numbers will be out.
XAU/USD short-term forecast
The ongoing surge of the metal's price could encounter resistance in the 2,050.00, 2,060.00 and 2,080.00 levels that have acted as resistance during the second part of past week's trading.
On the other hand, a decline is almost certainly going to look for support in the 2,030.00 mark and the 50 and 100-hour simple moving averages near it. Further below, the 2,000.00 mark will act as support.
XAU/USD daily charts review
On the daily candle chart, the metal has bounced off the 2020 and 2022 high level zone. Meanwhile, the price is being approached by the 50 and 100-day simple moving average.Daily Candle Chart
Traders are short
Before the CPI release, gold traders were slightly short, as 54% of open positions were short.
Meanwhile, pending trade orders in the 1000 point range around the current price were 74% to buy the metal.
On Monday, the positions were 53% short and orders were 68% to buy the metal.