Volatility in the gold market is expected this week due to several important data releases. Market participants will closely monitor economic reports such as GDP growth, inflation data, and central bank decisions from key global economies. These releases could influence investor sentiment and impact gold's safe-haven appeal, potentially leading to significant price swings. As always, geopolitical tensions or unexpected events could further amplify market volatility, making it crucial for traders to stay alert to any developments that may impact gold prices.
XAU/USD short-term forecast
A decline in the metal could find support at the 2690.650 level. If the market stabilizes, a push towards 2785.000 is possible, where it could face resistance. The price movement will depend on broader market sentiment and any upcoming economic developments.
XAU/USD daily charts review
OGold has been trading between 2723.65 and 2788.75 on the daily chart, showing consolidation. Positive news related to gold could push prices higher, increasing the chance of testing the 2800.00 resistance level. Factors like favorable economic reports or a weaker U.S. dollar could drive momentum upwards. If gold breaks above 2788.75, it could continue toward 2800.00.Daily Candle Chart
Traders remain short
On Monday, 67% of volume was in short positions. Traders are shorting gold.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 60% to sell the metal.