On Tuesday, the yellow metal's price remained below the 1,500.00 level. In general, the price was expected to trade sideways.
The sideways trading should eventually end with a break out.
This week, there will be one data release, which might impact the price of gold through a value adjustment of the USD.
On Wednesday, at 12:30 GMT the US Retail Sales and US Core Retail Sales are scheduled to be released.
Meanwhile, take into account that next week there will be other events, which are expected to cause larger reactions on other currency exchange rates. Take a look at the published historical data tables by clicking on the link below.
XAU/USD short-term forecast
On Tuesday, the yellow metal's price remained below the 1,500.00 level, as it was kept down by a monthly pivot point at 1,498.29.
In the near term future, the metal was expected to continue to trade sideways between the 1,490.00 and 1,500.00 level until a break-out occurs.
If the rate breaks out up or down, in both cases it would have large ranges without any technical level that could stop a surge or a fall. Namely, any break out would be sharp and large.
Hourly Chart
On the daily candle chart, the low level of October 1 has provided a reference point for charting patterns. A confirmed large scale ascending pattern has been spotted and added to the chart by Dukascopy Analytics.
It can be seen that the September surge occurred in the borders of the pattern until it met with its resistance line.
Meanwhile, in the borders of the larger pattern there exists a smaller channel down pattern. It represents the commodity price's consolidation in the borders of the larger pattern.
Daily Chart
Traders remain neutral
Since Friday, 53% of open gold position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, in the 1000 base point range around the current metal's price the pending orders were bearish – 65% of orders were to sell and 35% to buy.
The orders were 71% to sell, on Monday.