No significant impact from macroeconomic data is expected in relation to gold.
XAU/USD short-term forecast
The previous week's short-term downside volatility, driven by the fundamental news of the Fed's rate cut, pushed the market price of gold towards 2584.000. Current market conditions suggest that gold is trading below the 250-period SMA. On the other hand, the RSI indicator suggests that gold could currently be considered overbought.
If upside price momentum occurs, further price discovery could lead to price levels of 2665.00 and 2690.65.
XAU/USD daily charts review
On the daily candlestick charts, gold is trading within a descending triangle. There is a high probability of a directional price move at the beginning of 2025. A movement to the downside could bring the price of gold towards the 2500.00 level, while a breakout to the upside could push the price to 2720.00.Daily Candle Chart
Traders take profits
At the moment, there is short trading bias in gold. Trader sentiment suggests that possible downside momentum should be taken in consideration.
Meanwhile, in the 1000 point range around the latest price, there are 80% buyers and 20% sellers.