On Wednesday, September 18, the FOMC Statement and Economic Projections releases are expected at 18:00 GMT. Note that the Federal Funds Rate data will be published at the same time.
Also, the US Crude Oil Inventories data release at 14:30 GMT could have an impact on the price for gold.
XAU/USD short-term forecast
On Tuesday morning, the yellow metal's price declined below the support of the 1,500.00 level, which was strengthened by the 55 and 100-hour simple moving averages.
Meanwhile, the 200-hour simple moving average was approaching the commodity price from above. Due to that reason a decline of the commodity price was more likely than a surge.
Hourly Chart
Daily Chart
Short position decrease continues
On Friday morning, 63% of trader open position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Tuesday's London trading hours 53% of open gold position volume was in shorts.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 74% of orders were to buy and 26% to sell.