Watch out for the US Consumer Price Index at 12:30 GMT, on Thursday. The inflation data will reveal whether the Fed is managing to fight inflation or not.
On August 11, the markets will look at the US Producer Price Index at 12:30 GMT to analyse potential consumer price increases in the future.
XAU/USD short-term forecast
A move below 1,930.00 is set to find support at 1,925.00, prior to the commodity price reaching the support range above 1,920.00.
On the other hand, a surge of gold's price is expected to face resistance in the combination of the 1,940.00 level and the 50 and 100-hour simple moving averages. Higher above, take into account the 1,945.00 and 1,950.00 levels and the 200-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, in early August the metal passed below the support of the 50-day simple moving average. Next support on this chart is the 200-day SMA near 1,925.00, which caused the July surge of the commodity price.Most recently, it was observed that the 200-day simple moving average was managing to keep the price up.
Daily Candle Chart
Gold traders are long
On the Swiss Foreign Exchange, traders are 59% bullish on gold, as that proportion of open Gold positions are long.
In the meantime, pending orders in the 1000 point range around the current price are 57% to buy.