Meanwhile, it has been spotted that Dukascopy trader sentiment reveals how our traders acted. In general, they caught the surge from below 1,900.00 up to 2,000.00 and profited. Economic Calendar Analysis
On Tuesday, at 13:45 GMT, the US PMIs will be published and are expected to impact the US Dollar.
On Wednesday, at 20:35 GMT, the head of the Federal Reserve Jerome Powell is set to speak publicly. However, he is going to give open remarks at a Lecture for Social Science and Public Policy not a monetary policy event.
On Thursday, the markets are set to react to the US Advance GDP data publication at 12:30 GMT.
On Friday, the US Core PCE Price Index data will impact the value of the US Dollar. The US monetary policymakers watch the Personal Consumption Expenditures data to adjust their policy. The data shows inflation at the consumer level. Namely, how the average person has been impacted by the inflation during the last month.
XAU/USD short-term forecast
A resumption of the surge of the metal's price is now expected to face the resistance of the 1,980.00 mark and most importantly the 2,000.00 level. Higher above, the 2,040 and 2,048.20 levels are marked as historical resistance levels. However, take into account the ascending channel pattern's trend lines.
On the other hand, a decline below 1,970.00 is set to result in the price looking for support in the 100-hour SMA and the lower trend line of the channel. A breaking of the pattern to the downside could be followed by a decline to the 1,950.00 mark.
XAU/USD daily charts review
On the daily candle chart, the price has passed above the descending trend line and the 200-day simple moving average. Moreover, the 1,950.00/1,965.00 range has been broken and appears to have turned into support. The metal has to break the 2,000.00 mark to reach the high level zone at 2,065.00/2,080.00.Daily Candle Chart
Gold traders go short
On Monday, the Swiss Foreign Exchange, traders were 56% short on gold, as that proportion of open Gold positions were short.
In the meantime, pending orders in the 1000 point range around the current price are 60% to sell.
Last week, traders were neutral. The weeks before that, traders were mostly long. It appears that Dukascopy traders have gained major profits from the surge that occurred from 1,900.00 levels up to 2,000.00, but expect no further gains.