The 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, gold's price broke off the hourly simple moving averages. On Monday, there was a surge that started when the rate bounced off the support of the 200-hour SMA.
In general, the pair had no technical resistance as high as the pivot point at 1,570.00. In theory, the price should reach for this level.
On the other hand, the rate could trade sideways, as it waits for the support of the SMAs to push it higher.
Hourly Chart
On the daily candle chart, the metal appears to be consolidating after the recent fundamental high levels.
Meanwhile, 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 daily SMAs.
Daily Chart
Traders are neutral on gold
On Monday, 52% of all open gold positions on the Swiss Foreign Exchange were short.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 62% of orders were to buy and 38% to sell.