On Thursday, the US Preliminary GDP data publication might move the markets. The market consensus is taht teh US GDP has increased by 2.8% in the last quarter.
On Friday, markets will adjust to the publication of the US Core Price Index publication at 12:30 GMT.
XAU/USD short-term forecast
A breaking above the 2,530.00 level is expected to be slowed down by round price levels, as the price has never been this high.
In the meantime, a decline of the price is set to look for support in the 2,500.00 level. In addition, the 50, 100 and 200-hour simple moving averages, if combined, could act as support.
XAU/USD daily charts review
On the daily candle chart, the metal found support in the 50 and 100-day simple moving averages, which have been the cause of the resumed surge of the price.Daily Candle Chart
Traders are still short
Last week, the positions were 75% bearish. In the meantime, pending orders were 58% to sell.
On Monday, 73% of volume was in short positions. Meanwhile, in the 1000 point range around the latest price, the pending orders were 100% to buy the metal.
On Thursday, traders were 72% short and orders were 58% to sell.