On Thursday, the US Advance GDP data is set to reveal whether the United States are or are not experiencing a decline in the Gross Domestic Product at 13:30 GMT. The Advance GDP is the first data set that reveals how the economy has done in the last quarter.
The week will end with the publication of the US Core PCE Price Index. This index is the one being used by the US Federal Reserve to measure the impact of inflation on the consumers. It is seen by some as more important than the CPI. The release is scheduled for 13:30 GMT.
XAU/USD short-term forecast
In the case of a move above 1,950.00, look out for other round price levels to reveal resistance zones.
On the other hand, a decline of the commodity price might find support in the 50-hour simple moving average and the 1,930.00 level. Further below, take into account the 100-hour SMA and the lower trend line of a channel up pattern.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the late 2021 high level zone of 1,900.00/1,910.00. Meanwhile, above the 1,950.00 level take into account the high level zone of late 2020 and early 2021 at 1,957.85/1,965.70.Daily Candle Chart
Traders remain short
After the US PPI publication, gold traders were short, as 55% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 55% to buy.
On Tuesday, traders were 56% short and pending orders were 69% to buy.