On Thursday, the US Gross Domestic Product release is highly likely going to impact the financial markets via an adjustment of the USD value.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to impact the US Dollar.
XAU/USD short-term forecast
In general, a bounce off from the most recent low level could result in the pair once again testing the 1,930.00 and 1,932.25 level. Although, the 1,920.00 mark and the moving averages might slow down the commodity's recovery.
On the other hand, a passing below the recent low is highly likely set to aim for the 1,900.00 mark.
XAU/USD daily charts review
On the daily candle chart, the metal has passed below the 100-day simple moving average and the lower trend line of the channel up pattern that has guided the price up since October.On this chart support is being found in the 1,900.00/1,915.00 range, which captures the support and resistance zone that has impacted the rate since 2021.
Daily Candle Chart
Gold traders are long
On Monday, gold traders were bullish, as 60% of open positions were long.
Meanwhile, pending trade orders in the 1000 point range around the current price were 67% to sell the metal.
On Tuesday, open positions were 59% long and orders were 66% to buy.