This week, the markets might move due to various publications. On Tuesday, at 14:00 GMT, the US Dollar could adjust to the publication of the US CB Consumer Confidence survey results.
On Thursday, the US Preliminary GDP data publication might move the markets. The market consensus is taht teh US GDP has increased by 2.8% in the last quarter.
On Friday, markets will adjust to the publication of the US Core Price Index publication at 12:30 GMT.
XAU/USD short-term forecast
A breaking above the 2,530.00 level is expected to be slowed down by round price levels, as the price has never been this high.
In the meantime, a decline of the price is set to look for support in the 2,520.00 and 2,510.00, and 2,500.00 levels. In addition, the 50, 100 and 200-hour simple moving averages are set to act as support.
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 are still short
On Monday, 73% of volume was in short positions.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 100% to buy the metal.
On Wednesday, the positions were 75% bearish. In the meantime, pending orders were 58% to sell.