There are no more notable events scheduled for this week.
XAU/USD short-term forecast
A recovery of the commodity price is set to face the 50-hour simple moving average near 2,180.00 and the 2,185.90/2,195.00 zone. It is possible that the moving average strengthens the resistance zone. Higher above, note the high level range at 2,2212.20/2,223.00.
In the case of a decline, the metal would have to pass below 2,161.40/2,164.90. Further below, note the support ranges near 2,150.00, 2,140.00 and 2,120.00.
XAU/USD daily charts review
On the daily candle chart, the exact 2023 high level is marked. It is the 2,146.70, where the metal found resistance before returning back below 2,000.00. Most recently, the level has turned into support, as it was forecast last week.Daily Candle Chart
Gold traders finally get their decline
Before the Federal Reserve events, 74% of Dukascopy traders were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 71% to buy the metal.
After the event, 71% were short and orders were 91% to buy. In general, Dukascopy traders were sitting on red positions, as they expect the price of gold to drop, but the metal just keeps going higher.
On Friday, positions were 74% short and orders were 53% to buy. The prior bearish traders must have recovered some of their losses. Meanwhile, additional short term traders have opened short positions.