On Wednesday morning, the XAU/USD exchange rate traded at 1,553.00.
Given that the rate is squeezed by 55-, 100- and 200-hour SMAs, it is likely that gold could consolidate against the US Dollar in the short run. Economic Calendar Analysis
This 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 extended gains slightly. During today's morning, the rate was trading at the 1,553.00 mark.
Given that yellow metal is pressured by the 55– and 100-hour moving averages, it is likely that bulls could prevail in the market. In this case it is unlikely that the price for gold could exceed the monthly R2 at 1,570.61.
However, note that the exchange rate is pressured by the 200-hour SMA. If the given resistance holds, a reversal south could occur in the nearest future. In this case the price for gold could decline below 1,535.00.
Hourly Chart
For a time being, it appeared on the daily candle chart that a retracement down should occur due to the metal being overbought. The retracement started on Wednesday.
In general, on the daily candle chart the pair has no technical support as low as the 55 and 100-day simple moving averages that are located near the 1,500.00 level. If the support levels of the hourly chart fail, eventually the price could reach for the support of the SMAs.
Daily Chart
Traders stick to short positions
On Wednesday, 53% of all open gold positions on the Swiss Foreign Exchange were short.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 70% of orders were to buy and 30% to sell.