Meanwhile, it has been spotted that the surge might have been supported by an ascending trend line. In addition, the 50, 100 and 200-hour simple moving averages are following the price and provide upwards pressure. Economic Calendar Analysis
This week, the financial markets could react to United States macroeconomic events.
On Wednesday, at 12:15 GMT the ADP Non-Farm Employment Change is capable of creating moves. Afterwards, note the ISM Services PMI at 14:00 GMT.
On Friday, one of the top events will take place. The US employment data sets will be published at 12:30 GMT. The US release will consist of the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings change.
XAU/USD short-term forecast
A move above the resistance range could eventually result in the price reaching a new all-time high at 2,300.00.
On the other hand, a decline below the supporting trend line is expected to look for support in the 50-hour simple moving average near 2,250.00. Further below, take into account the 2,225.00/2,230.00 range.
XAU/USD daily charts review
On the daily candle chart, the surge is marked in a channel up pattern.Daily Candle Chart
Gold traders wait for decline
On Tuesday, 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 100% to sell the metal.