This week, scheduled events are over.
Next week, the top event of them all is set to take place. On Wednesday, at 18:00 GMT, the US Federal Reserve is set to hike its Federal Funds Rate.
XAU/USD short-term forecast
A move higher might be slowed down by round price levels, before the commodity price tests historical high levels. Namely, the January and February high levels are expected to act as resistance at 1,949.00 and 1,960.00.
However, a decline of the commodity is expected to look for support in the 1,915.00 level, the 50-hour simple moving average and the 1,895.00 level.
XAU/USD daily charts review
On the daily candle chart, the metal is piercing the resistance of the 2021 high levels at 1,900.00/1,915.00. A proper move above the resistance zone might reach the 2023 and 2020 high levels above 1,950.00.Meanwhile, note that the 50-day simple moving average is managing to act as support.
Daily Candle Chart
Traders go short
On Tuesday, gold traders were neutral, as 51% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 59% to sell.
On Wednesday, the open positions were 54% short and orders were 67% to sell.