This week, the financial markets could react to a couple of United States macroeconomic events.
First of all, the publication of the US Final GDP data on Thursday at 12:30 GMT could cause a move via an adjustment of the USD value.
On Friday, the top event of the week will take place, as the US Core PCE Price Index is scheduled to be released. The PCE Price Index is the top inflation measurement.
XAU/USD short-term forecast
A recovery of the commodity price is set to face the 2,185.90/2,195.00 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 the 50, 100 and 200-hour simple moving averages and the 2,161.40/2,164.90 range. 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.Daily Candle Chart
Gold traders are short
On Monday, 72% 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 58% to buy the metal.
On Friday, positions were 74% short and orders were 53% to buy.