This week, on Wednesday, the markets will move at 12:30 GMT due to the release of the US Consumer Price Index data.
On Thursday, the US Producer Price Index will be published at 12:30 GMT. There could be a market reaction, if the data deviates from the market consensus forecast.
XAU/USD short-term forecast
A move of the metal above 2,500.00 and the 50 and 200-hour simple moving averages might result in the metal once again testing the 2,530.00 level.
On the other hand, a decline of the price is set to look for support in the 2,485.00 and 2,470.00 levels.
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 Thursday, 74% of volume was in short positions. Meanwhile, in the 1000 point range around the latest price, the pending orders were 50% to sell and buy the metal.
On Monday, traders were 74% short and orders were 82% to sell.