Economical Calendar impact of gold may be considered as low.
XAU/USD short-term forecast
Gold is in a strong and sustained uptrend on the hourly chart, currently in a minor consolidation phase after making new highs, with the major psychological level of 4000.00 as the next key target. The dominant bullish trend is characterized by a consistent pattern of higher highs and higher lows and is confirmed by the steeply rising 30 and 180-period Simple Moving Averages. While the Relative Strength Index (RSI) remains in bullish territory, its recent pullback from overbought levels and potential bearish divergence suggest that the upward momentum is slowing down, which is consistent with the current pause in price action. The path of least resistance remains to the upside, and the most likely scenario is that after this brief consolidation, buyers will make another push to break the recent highs and challenge the 4000.00 resistance.
XAU/USD daily charts review
Gold is in a very strong uptrend on the daily chart and is now approaching the major 4000.00 resistance. After breaking out of a long sideways range above 3450.00, the price has been in a powerful, accelerating rally with buyers in complete control. While the path of least resistance is up towards the 4000.00 target, the RSI indicator shows the market is extremely overbought, which is a warning that a sharp pullback could happen. The old resistance at 3450.00 has now become the key long-term support floor to watch on any major correction.Daily Candle Chart
Traders sentiment mixed
Gold trade sentiment is currently bearish, with only 47.54% of the total trade volume reflecting bullish positions. This means the majority—52.06%—of traders are taking bearish positions, indicating a general market expectation that gold prices may decline in the near term.