This week, the market might move due to multiple releases of economical data in the United States.
Wednesday and Thursday should provide more information regarding monetary policy from the FED meeting minutes and the speech of FED representative.
The top event of the week will be the release of the US monthly employment data sets. The Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are going to impact the markets via an adjustment of the US Dollar's value.
XAU/USD short-term forecast
This weeks macro economical data should provide trend for Gold for the short, near and the long term.
A decline of the metal might look for support in the price level of 2500.00 or lower.
XAU/USD daily charts review
On the daily candlestick chart, gold has been trading within the 2665.00 to 2605.00 range. Positive news related to gold would likely create momentum to the upside, increasing the probability of testing the 2723.00 resistance level.Daily Candle Chart
Traders remain short
On Monday, 56% of volume was in short positions. Traders are shorting gold.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 50% to sell the metal.