In general, it is expected to continue to fluctuate sideways until the speech of Jerome Powell that is scheduled for 14:00 GMT.
Economic Calendar Analysis
There are no data releases scheduled for the rest of the week that might impact the price of gold through the strength of the US Dollar.
Next week, data releases will resume on Monday, as at 12:30 GMT the US Durable Goods Orders and Core Durable Goods Orders data will impact the pair.
On Thursday, at 12:30 GMT the US Preliminary GDP is scheduled to be published.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate tested the resistance formed by the 55-, 100– and 200-hour SMAs, located in the 1,499.93/1,507.20 range. During today's morning, the rate was trading at the 1,495.00 mark.
If the given moving averages hold, it is likely, that some downside potential could prevail in the market in the nearest future. In this case, a possible downside target is the monthly R2 at 1,487.41.
Otherwise, it is expected, that yellow metal could trade sideways against the US Dollar within the following trading session, trying to surpass the given resistance. If it does not hold, the price for gold could reach the 1,510.00/1,515.00 range.
Hourly Chart
A review of the daily candle chart has been conducted. The commodity price's summer surge occurred in an ascending channel pattern.
The recent sideways trading has been consistent with the pattern. Namely, a consolidation is occurring in the borders of the pattern.
Daily Chart
Traders are still short
Since the middle of Thursday's London trading session, 62% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the orders were bearish - 56% were set to sell, and 44% of orders were to buy.