Continuing previous week's trend volatility may occur if any geopolitical event takes place; however, elevated levels should not be expected.
XAU/USD short-term forecast
The major resistance level of 3000.00 must be broken to sustain bullishness for gold. If the resistance level is rejected, the support level of 2935.00 might be tested.
XAU/USD daily charts review
Gold could continue its upward momentum, with further price discovery potentially pushing it above 3000.00, continuing bullish price discovery. This would indicate sustained bullish sentiment, driven by factors like market uncertainty and inflation concerns. If the 2900.00 level is broken, a move towards 2788.00 could be a plausible scenario.Daily Candle Chart
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Traders going short
On Tuesday, 34% of volume was in long positions. Traders are going short.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 30% to buy the metal.