On Tuesday morning, gold once again touched the 1,480.00 level, which managed to hold and cause a decline to the 1,475.00 level.
At the 1,475.00 level, the rate met with additional technical support, which it did not have on Monday. This event signaled that a surge of the metal could be expected. Economic Calendar Analysis
This week, the pair could be impacted only by one data release. On Friday, the US Final GDP is set to be published 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
In general, the metal should test the 1,480.00 level, which has kept the price down throughout this week. However, it might get broken in the next attempts.
The 1,480.00 level could be passed due to the additional technical support provided by the 55 and 100-hour simple moving averages. The SMAs on Tuesday were located, respectively, at 1,475.80 and 1,473.70.
Hourly Chart
On the daily candle chart, the commodity price is still being pushed down by the 55-day simple moving average, which was located above the 1,480.00 level. In addition, downside pressure is added by the 100-day SMA near 1,490.00.
In the meantime, the rate has 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
Traders are neutral on gold
On Tuesday, on the Swiss Foreign Exchange 52% 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 set to sell – 57% of orders were to sell and 43% to buy.