The financial markets might move on Wednesday, at 18:00 GMT. At that time, the Federal Reserve Meeting Minutes will be published. The minutes is a protocol of the prior meeting held by the Federal Open Markets Committee on the US monetary policy. New information might cause an adjustment of the US Dollar's value.
On Thursday, moves could be created by the publication of the US S&P Global Services and Manufacturing sector Purchasing Managers Index numbers.
However, reaction could be muted, as markets wait for the Friday's Jerome Powell's speech at the Jackson Hole Symposium at 14:00 GMT.
XAU/USD short-term forecast
In the near term future, the pair is expected to look for support in the 2,500.00 mark and the 100-hour simple moving average. Further below, note the 2,477.00/2,484.00 range and the ascending 200-hour simple moving average.
A resumption of the commodity price is set to face resistance in the 2,520.00 level due to it acting as resistance during early Wednesday's trading hours. Above this level, the recently booked high at 2,531.40 is expected to slow down a potential resumption of the surge.
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.Daily Candle Chart
Traders add to shorts
On Monday, 73% of volume was in short positions.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 67% to buy the metal.
By mid-Wednesday, the positions were 75% bearish. In the meantime, pending orders were 58% to sell. Traders have added to their short positions.