By late Tuesday's trading, the commodity price had reached the 2,140.00 level. In the meantime, a new channel up pattern has been spotted. During the day, the metal has been finding support in the lower trend line of the channel. Economic Calendar Analysis
On Wednesday, at 13:15 GMT the US ADP Non-Farm Employment Change could impact the markets by revealing surprise information about the US job market. In addition, on the same day at 15:00 GMT, the JOLTS Job Opening data will show, how many jobs are open. The data indicates, how active the economy is.
Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
A resumption of the broader surge is expected to be slowed down by round price levels and the upper trend line of the channel pattern. Eventually, the price should test the 2023 December high level at 2,145.00.
On the other hand, a decline below the lower trend line of the pattern could look for support in the 2,120.00 and 2,110.00 levels. Both of these levels acted as support and resistance during the early trading of this week.
XAU/USD daily charts review
On the daily candle chart, the exact 2023 high level has been marked. It is the 2,146.70, where the metal found resistance before returning back below 2,000.00.Daily Candle Chart
Gold traders are shorting
On Friday, 62% of Dukascopy traders were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 73% to sell the metal.
On Monday, 68% of open position volume was in short positions. Moreover, pending orders were 55% to sell.
By mid-Tuesday, 70% volume was short and orders were 86% to sell. Traders expect an end to the surge.