The Fed's interest rate decision may increase volatility in precious metal assets this week.
XAU/USD short-term forecast
XAU/USD hourly chart is strongly bullish. After breaking out from a consolidation period, the price is trading above its moving averages with a high RSI, confirming strong buying momentum. Gold is currently testing the 3700.00 resistance level. A sustained break above this could lead to further gains, while the 3667.84 level now acts as the primary support.
XAU/USD daily charts review
After breaking out from a long period of consolidation, the price has continued to climb, showing powerful buying momentum. The RSI indicator is high, confirming this strength, though it also suggests the rally might be overextended. The next major resistance target is 3800.00. The previous resistance area, between 3410.00 and 3450.00, is now the key support zone to watch.Daily Candle Chart
Traders going long
Continuing previous weeks bullish momentum 59.02 % of volume was in long positions.
In the 1000 point range around the latest price, the pending orders were 12 % to sell the metal.