On Monday morning, the XAU/USD exchange rate consolidated around the 1,555.00 level.
Given that the rate is squeezed by the 100- and 200-hour SMAs, it is likely that the price for gold could maintain its consolidation. Economic Calendar Analysis
This week's data releases will start with the US CPI and Core CPI on Tuesday at 13:30 GMT.
Meanwhile, this week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
On Friday, the XAU/USD exchange rate traded sideways around the 1,555.00 level. During today's morning, the rate continued to consolidate at the given level.
Note that yellow metal is squeezed by the 100-and 200-hour SMAs, currently located at 1,561.93 and 1,550.53. Thus, the rate could continue to consolidate in the short run.
If the given support does not holds, the price for gold could tumble below the 1,540.00 mark.
Also, it is unlikely that bulls could prevail, and the price for gold could exceed the monthly R2 at 1,570.61.
Hourly Chart
For a time being, it appeared on the daily candle chart that a retracement down should occur due to the metal being overbought. The retracement started on Wednesday.
In general, on the daily candle chart the pair has no technical support as low as the 55 and 100-day simple moving averages that are located near the 1,500.00 level. If the support levels of the hourly chart fail, eventually the price could reach for the support of the SMAs.
Daily Chart
Traders stick to short positions
On Monday, 54% of all open gold positions on the Swiss Foreign Exchange were short. The sentiment had remained near this level since Wednesday.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were almost neutral – 54% of orders were to buy and 46% to sell.