On Friday, at 12:30 GMT the Core Personal Consumption Expenditure Price Index is bound to make an impact, as the head of the Federal Reserve Jerome Powell revealed last week that he is watching this index as a measure for inflation not the Consumer Price Index.
XAU/USD short-term forecast
A move higher above might encounter resistance in the mid-September resistance zones near 1,680.00 and 1,685.00. Higher above, the 1,700.00 mark is highly
On the other hand, a potential decline could look for support in the 1,660.00 and 1,640.00 levels, which have recently acted as support and resistance.
XAU/USD daily charts review
On the daily candle chart, the price has passed below the 2021 and 2022 low level zone at 1,675.00/1,680.00. On September 19 it was observed that the previous support zone has turned into resistance.More recently, the price once again retraced to the resistance zone.
Daily Candle Chart
Traders hold long positions
On Friday, the sentiment on the Swiss Foreign Exchange was 65% bullish. Namely, 65% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 67% to sell the precious metal.
On Thursday, positions were 65% long and orders were 55% to buy.