Continuing previous week's trend volatility may occur however, elevated levels of volatility should not be expected.
XAU/USD short-term forecast
The support level of 3000.00 may be tested several times to confirm further bullish momentum towards 3060.00. If the price breaks through 3000.00, further bearishness may occur.
XAU/USD daily charts review
Gold could continue its upward momentum, with further price discovery potentially pushing it above 3100.00, continuing bullish price discovery. This would indicate sustained bullish sentiment, driven by factors like market uncertainty and inflation concerns. If the 3000.00 level is broken, a move towards 2900.00 could be a plausible scenario.Daily Candle Chart
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Traders going short
On Tuesday, 35% of volume was in short positions. Traders are going long.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 30% to sell the metal.