During Monday morning, the XAU/USD exchange rate was trading sideways in the 1,510.00 area.
Economic Calendar Analysis
This week, there are only three events that could affect the XAU/USD pair.
On Tuesday, December 31, the US CB Consumer Confidence will be published at 15:00 GMT.
On Friday, January 3, the ISM Manufacturing PMI survey results will be released at 15:00 GMT.
At the same day, the FOMC Meeting Minutes data will be published at 19:00 GMT.
Meanwhile, this week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
On Friday, the XAU/USD exchange rate consolidated in the 1,510.00 area. During today's morning, the rate maintained its consolidation.
Note that yellow metal is supported by the 55-hour moving average, currently located at 1,510.60. Thus, it is likely that some upside potential could prevail in the market.
On the other hand, the exchange rate could maintain its consolidation within the following trading session. Also, it is unlikely that bears could prevail, and the price for gold could drop lower than the 100-hour SMA at 1,500.85.
Hourly Chart
On the daily candle chart, the commodity price surpassed the 55- and 100-day moving averages. Also, note that the rate reversed north from the upper boundary of the long-term ascending channel. Thus, it is likely that some upside potential could prevail.
Daily Chart
Traders are neutral on gold
On Monday, on the Swiss Foreign Exchange 56% of open gold position volume was in long positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 75% of orders were to buy and 25% to sell.