The US Presidential Election and the Congressional elections takes place on Tuesday. These events will guide the financial markets.
On Thursday, watch the US Federal Reserve Federal Funds Rate announcement. The Fed is expected to cut rates by 0.25%.
XAU/USD short-term forecast
In regard to technical analysis, watch the 2,730.00 and 2,700.00 levels for support and the 2,790 level for resistance.
Hourly ChartXAU/USD daily charts review
On the daily candle chart, the metal continues higher in the borders of a large scale channel up pattern. Meanwhile, note the approaching 50, 100 and 200-day simple moving averages.Daily Candle Chart
Read More: Technical Analysis
Traders are short
On Monday, 66% of volume was in short positions. Traders are shorting gold.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 88% to sell the metal.