This week's notable events are over.
XAU/USD short-term forecast
An extension of the ongoing surge could encounter resistance in any of the round price levels. However, it is most likely that the 2,600.00 will act as a major resistance.
On the other hand, in the case of a decline it is expected that the 2,545.00 and 2,535.00 levels will act a support, before the rate reaches the 2,530.00 level. Further below, the ascending 50, 100 and 200-hour simple moving averages might act as support.
XAU/USD daily charts review
On the daily candle chart, the metal found support in the 50 and 100-day simple moving averages, which have been the cause of the resumed surge of the price.Most recently, after a long period of consolidation, the metal has broken out of the consolidation rate to the upside.
Daily Candle Chart
Traders are still short
On Thursday, 74% of volume was in short positions.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 80% to buy the metal.
On Monday, traders were 74% short and orders were 82% to sell.