During the upcoming week, on Tuesday, the US Flash Manufacturing and Services PMIs might impact the financial markets through an adjustment of USD value.
On Wednesday, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, the US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
XAU/USD short-term forecast
A potential decline below 2,000.00 could look for support in round price levels until the price reaches the April low level zone at 1,969.15/1,974.00.
On the other hand, a surge of the commodity price might be stopped by the combination of the 2,020.00 mark and the 100 and 200-hour simple moving averages. Higher above, note the marked high levels that have acted as resistance during May.
XAU/USD daily charts review
On the daily candle chart, the metal has bounced off the 2020 and 2022 high level zone. Meanwhile, the price is being approached by the 50 and 100-day simple moving averages.Daily Candle Chart
Traders are short
On Friday, gold traders were slightly short, as 54% of open positions were short.
Meanwhile, pending trade orders in the 1000 point range around the current price were 53% to buy the metal.
On Monday, positions were 54% short and orders were 60% to buy.
By mid-Tuesday, positions were 53% short and orders were 58% to buy.