Given that gold is supported by the 55- and 100-hour moving averages, the price for the commodity could go upwards.
Economic Calendar Analysis
This week, there will be a couple of data releases from the US that could have an impact on the price for gold.
Today, the US Consumer Price Index data will be released at 12:30 GMT.
On Friday, September 13, the US Retail Sales data will be published at 12:30 GMT.
XAU/USD short-term forecast
Yesterday the XAU/USD exchange rate consolidated at the monthly PP at 1,492.35. During Thursday morning, the rate reversed south and surpassed 1,500.00.
Given that yellow metal is supported by the 55– and 100-hour SMAs, currently located at 1,492.37 and 1.500.33 respectively, it is likely that some upside potential could prevail. However, it is unlikely, that the price for gold could exceed the 200-hour SMA at 1,517.21.
On the other hand, yellow metal could trade sideways against the US Dollar in the 1,505.00/1,515.00 area within the following trading session. It is unlikely, that bears could prevail, and the rate could drop lower that the given monthly PP.
Hourly Chart
On the daily candle chart, the price for gold is heading to the lower trend line of a dominant channel up pattern. The trend line should be reached near the 1,480.00 level.
In addition, note that gold faces the support of the monthly PP at 1,492.35 and the 55-day SMA at 1,464.45.
Daily Chart
Short position decrease
On Thursday morning, 61% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were slightly bullish – 59% of orders were to buy and 41% to sell.