Economical Calendar impact of gold may be considered as low.
XAU/USD short-term forecast
Gold shows a strong bullish market structure. Price is trading well above the 30 and 180-period SMAs, and the RSI at 63 confirms strong buying momentum without indicating an overbought condition. Immediate resistance is at the recent high near 4080.00, with a further target at 4140.00. On the downside, the first support level is the 30 SMA around 4025.00, followed by the major psychological level of 4000.00. The technical alignment suggests the path of least resistance is upward.
XAU/USD daily charts review
XAU/USD is in a very strong and sustained uptrend after breaking out of a long consolidation phase. While the momentum is clearly bullish, the Relative Strength Index (RSI) is deep in overbought territory at 79.33, signaling that the rally is overextended and could be due for a pullback or a period of sideways consolidation. The next major resistance level is at $4200, while the old breakout zone around $3410 now serves as significant long-term support.Daily Candle Chart
Traders sentiment mixed
Gold trade sentiment is currently mixed although, further bullishness may impact overall sentiment.