During Friday, the XAU/USD exchange rate consolidated in the 1,500.00 area.
During Monday morning, the price for gold maintained its consolidation.
This week, there are couple of events that could affect the XAU/USD exchange rate.
On Wednesday, March 25, the US Durable Goods Orders data will be released at 12:30 GMT.
Later this day, the US Crude Oil Inventories are set to be released at 14:30 GMT.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT.
Meanwhile, next week's data is available. Click on the link below to see the historical data tables with the reactions to various events
23.03-27.03 Event Historical Reactions
XAU/USD short-term forecast
During previous trading session, the XAU/USD exchange rate consolidated in the 1,500.00 area. During Monday morning, the rate maintained its consolidation.
It is likely that yellow metal could gain support from the 55-hour SMA and extend gains against the US Dollar in the short term. In this case the rate could face the resistance level—the monthly S1 at 1,526.37.
On the other hand, the exchange rate could be pushed down by the 100-hour moving average to the support level—the monthly S2, located at 1,466.07. If the given support holds, the rate could consolidate.
Hourly Chart
On the daily candle chart, it can be observed that yellow metal gained support from the monthly S2 ar 1,466.10.
Daily Chart
Traders are long on gold
On Monday, the Swiss Foreign Exchange sentiment was 66% long.