On Tuesday, the CB Consumer Confidence index might impact the markets via an adjustment of the US Dollar's value at 14:00 GMT.
On Thursday, the markets might react to the publication of the US Final GDP data release. However, the Final release is the one with the less impact of the three US GDP releases.
On Friday, at 12:30 GMT, the US Core PCE Price Index is set to reveal how the consumer goods prices are doing in the USA. The markets expect an increase of 0.2%.
XAU/USD short-term forecast
The ongoing surge is set to face more resistance from the 2,650.00 level, as round levels have always impacted the metal during its reaching of new all-time high levels.
On the other hand, a decline of the price is set to look for support in the 50-hour SMA and the 2,620.00 level, before approaching the 2,590.00/2,600.00 zone and the 100-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, the metal found support in the 50 and 100-day simple moving averages, which have been the cause of the resumed surge of the price.Most recently, after a long period of consolidation, the metal has broken out of the consolidation rate to the upside.
There is not much to add. Gold keeps heading higher, as the USD is loosing value due to rate cuts, and there are signs of risks to the global economy. Both aspects fuel the surge.
Daily Candle Chart
Traders remain short
On Thursday, 73% of volume was in short positions.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 67% to sell the metal.
On Monday, traders were still 73% short and orders were 62% to buy.
Dukascopy traders have been shorting the metal for most part of the summer. It is assumed that these positions are in the loss.