On the first half of Wednesday, the XAU/USD exchange rate was testing the resistance formed by the 100- and 200-hour SMAs.
If the given resistance holds, it is likely that yellow metal could consolidate against the US Dollar in the short run.
This week there are a couple of events that could impact the rate.
On Wednesday, at 13:30 GMT the US CPI and Core CPI are scheduled to be published.
On the same day, the US Federal Reserve would announce its interest rate at 19:00 GMT.
The week is set to end with the US Retail Sales data sets on Friday at 13:30 GMT.
Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
On Tuesday, the XAU/USD exchange rate traded sideways around the 1,465.00 level. During today's morning, the rate was testing the resistance formed by the 100– and 200-hour SMAs at 1,466.96.
Note that yellow metal is supported by the 55-hour SMA, as well the Fibo 23.60% at 1,462.89. Thus, if the given support and resistance hold, it is likely that gold could consolidate against the US Dollar in the short run.
If the given support does not hold, the exchange rate could re-test the lower boundary of the medium-term ascending channel at 1,459.00. Also, it is unlikely that bulls could prevail, and the rate could exceed the monthly PP at 1,475.51.
Hourly Chart
On the daily candle chart, the commodity price was pushed down by the resistance of the 55 and 100-day simple moving averages.
In the meantime, the rate has almost reached the lower trend line of a massively large channel up pattern. The pattern represents the surge that has occurred since September 2018.
Daily Chart
Sentiment is unchanged
Since Thursday, on the Swiss Foreign Exchange 56% of open gold position volume was in long positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were slightly bearish– 59% of orders were to sell and 41% to buy.