On Wednesday, watch out for the US Consumer Price Index release at 12:30 GMT. The US inflation data is bound to impact the US Dollar's value.
On the same day, at 18:00 GMT, the US Federal Reserve Meeting Minutes could cause a market reaction with new information on US monetary policy.
On Thursday, at 12:30 GMT, US inflation at the producer level will be revealed. The US Producer Price Index is set to be released at that time.
On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
XAU/USD short-term forecast
A move above 2,010.00 might encounter resistance in round price levels, before reaching the 2,050.00 mark.
On the other hand, a decline could look for support in the 1,990.00 level and the 200-hour simple moving average. Further below, note the February and January high levels near 1,960.00 and 1,949.00.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the high level zone of 2020 and 2023. The zone appears to be no longer capable of impacting the commodity price, as round price levels have more impact.Next target for the surge is the 2020 August and 2022 March high level zone.
Daily Candle Chart
Traders are short
On Tuesday, gold traders were bearish, as 60% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 75% to buy.