Meanwhile, the resistance of the hourly simple moving averages was approaching.
Economic Calendar Analysis
This week, there will be a couple of data releases from the US that could have an impact on the price for gold.
On Wednesday, September 11, the US Producer Price Index data will be published at 12:30 GMT. Also note that the US Crude Oil Inventories data will be published at 14:30 GMT.
On Thursday, September 12, the US Consumer Price Index data will be released at 12:30 GMT.
On Friday, September 13, the US Retail Sales data will be published at 12:30 GMT.
XAU/USD short-term forecast
On Wednesday morning, the yellow metal was set to face the resistance of the 55-hour simple moving average, which had declined below the 1,500.00 level.
If the metal's price moves above the SMA, it should aim at the 1,505.00 level, where it would face the 100-hour SMA.
On the other hand, the 55-hour simple moving average could push the price down into another test of the support of the 1,485.00 mark.
Hourly Chart
On the daily candle chart, the price for gold is heading to the lower trend line of a dominant channel up pattern. The trend line should be reached near the 1,480.00 level.
In addition, note that gold faces the support of the monthly PP at 1,492.35 and the 55-day SMA at 1,464.45.
Daily Chart
Short position decrease
On Monday, 70% of trader open position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Tuesday's trading session, 64% of open position volume was in short positions. On Wednesday, 61% of volume was short.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were slightly bullish – 60% of orders were to buy and 40% to sell.