On Thursday, March 14, the price declined due to the publication of the US Producer Price Index. However, the combination of the 2,150.00 level and the 200-hour simple moving average were enough to keep the price up. Economic Calendar Analysis
Next week, all of the financial markets will be watching the US Federal Reserve Federal Funds Rate publication on Wednesday at 20:00 GMT. Note the time difference in the release, compared to the usual. The US has already switched to summer daylights savings time.
On Thursday, the US Services and Manufacturing sector Purchasing Managers Indices might impact the financial markets. However, recent releases of the data had minor impact.
XAU/USD short-term forecast
A resumption of the broader surge could be slowed down by the 50 and 100-hour simple moving averages near 2,165.00/2,170.00. Higher above, the 2,180.00 appears to be capable of acting as resistance. If these levels fail to keep the metal down, the 2,185.00/2,195.00 range is set to once again come into play.
If the price passes below 2,150.00, the 2,130.00, 2,120.000 and 2,110.00 levels might turn into support, before the 2,100.00 mark is reached.
XAU/USD daily charts review
On the daily candle chart, the exact 2023 high level has been marked. It is the 2,146.70, where the metal found resistance before returning back below 2,000.00. it could act as support in the case of a decline below 2,150.00.Daily Candle Chart
Gold traders are shorting
After PPI publication, 74% of Dukascopy traders were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 56% to sell the metal.