The top event of the week will take place on Tuesday at 13:30 GMT. The US Consumer Price Inflation data will be published at that time. The inflation data is set to reveal whether the US Federal Reserve was correct in its assumptions that inflation had slowed down its pace of growth.
On Wednesday, watch out for the US Retail Sales data and the Empire State Manufacturing Index. Both of these events might impact the US Dollar's value at 13:30 GMT.
On Thursday, the US Producer Price Index is set to reveal how inflation has changed at the producer level. The publication is scheduled for 13:30 GMT.
XAU/USD short-term forecast
A potential move higher is bound to encounter strong resistance in the 1,900.00 mark. Meanwhile, a decline is set to look for support in 1,850.00 and 1,800.00.
Although, most moves are set to be fundamental due to the upcoming publication of the US Consumer Price Index.
XAU/USD daily charts review
On the daily candle chart, the metal has plummeted below the support zone at 1,900.00/1,910.00 and broken the channel up pattern, which pushed the commodity up since early November.In the near term future, support might be found in the 1,850.00 mark and the 50-day simple moving average. Further below, note the support zone near 1,800.00 and the 100 and 200-day SMAs.
Daily Candle Chart
Traders are neutral
On Friday, gold traders were neutral, as 52% of open positions were long.
Meanwhile, pending orders in the 1000-pip range were 50% to buy and sell.