On Monday morning, the XAU/USD exchange rate consolidated around the 1,555.00 level.
Given that the rate is squeezed by the 100- and 200-hour SMAs, it is likely that the price for gold could maintain its consolidation. Economic Calendar Analysis
This week's data releases will start with the US CPI and Core CPI on Tuesday at 13:30 GMT.
Meanwhile, this week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
On Friday, the XAU/USD exchange rate traded sideways around the 1,555.00 level. During today's morning, the rate continued to consolidate at the given level.
Note that yellow metal is squeezed by the 100-and 200-hour SMAs, currently located at 1,561.93 and 1,550.53. Thus, the rate could continue to consolidate in the short run.
If the given support does not holds, the price for gold could tumble below the 1,540.00 mark.
Also, it is unlikely that bulls could prevail, and the price for gold could exceed the monthly R2 at 1,570.61.
Hourly Chart
Daily Chart
Traders stick to short positions
On Monday, 54% of all open gold positions on the Swiss Foreign Exchange were short. The sentiment had remained near this level since Wednesday.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were almost neutral – 54% of orders were to buy and 46% to sell.