The yellow metal managed to find support in the 1,450.00 level on Tuesday. By the middle of Wednesday's trading, the pair had reached above technical levels that are located just below 1,465.00.
By passing the technical levels the rate had no technical resistance as high as the pivot point at 1,475.18.
Economic Calendar Analysis
This week, US data is set to impact the price of gold through the value adjustments of the USD.
On Wednesday, at 13:30 GMT the US Consumer Price Index and Core Consumer Price Index are set to be published.
The US PPI and Core PPI data sets are scheduled to be released on Thursday at 13:30 GMT. This is a minor data release, but still worth taking into account.
On Friday, the US Retail Sales data sets will be out at 13:30 GMT.
The week's reaction tables have been published. Take a look at the 11.11-15.11 Event Historical Reactions publication.
XAU/USD short-term forecast
On Tuesday, the XAU/USD exchange rate tested the psychological level at 1,450.00. During today's morning, the rate was testing the resistance formed by the Fibo 23.60% and the 100-hour SMA at 1,462.89
Given that yellow metal is supported by the 55-hour moving average at 1,458.09, it is likely that some upside potential could prevail in the market. In this case the rate could exceed the 200-hour SMA at 1,482.80.
If the given resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case the rate could re-test the given psychological level.
Hourly Chart
On the daily candle chart, the rate appears to be consolidating by retracing back up. That is assumed due to the sharp decline of November.
On a larger scale, the metal's price is heading to the lower trend line of a dominant pattern, which could be met until the start of December.
Daily Chart
Long sentiment remains intact
On Wednesday, 57% of volume was in long positions. Namely, the SWFX sentiment was bullish.
The sentiment had fluctuated up and down by one percent since Monday.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 59% of orders were to buy and 41% to sell.
Previously, the orders were neutral.