During the second part of Tuesday's trading, the metal's price had reached the December 14 highs at 2,046.75/2,047.75. Economic Calendar Analysis
During the week before Christmas, there will be a couple of data releases that could impact the financial markets.
On Thursday, not the publication of the US Final GDP at 13:30 GMT. This is the final of the three quarterly US GDP releases. The United States release quarterly Gross Domestic Data over a span of a quarter. Data is published in three releases – Advance, Preliminary and Final. The most impact comes from the Advance GDP, and the least is from the upcoming Final GDP.
On Friday, the United States Bureau of Economic Analysis will publish the Core Personal Consumption Expenditure Price Index at 13:30 GMT. The change of the index shows how inflation impacts consumers. It is different from the CPI with the fact that it measures only goods that are consumed by individuals.
XAU/USD short-term forecast
A move above 2,047.75 is expected to immediately face resistance in the 2,050.00 mark. Higher above, note the marked levels that impacted the commodity during its recent surge to all-time-high levels.
However, a potential decline would look for support in the 2,027.20/2,030.00 range and the 50 and 100-hour simple moving average. Further below, note the 200-hour SMA near 2,015.00. Below the moving average take into account the 2,007.45/2,012.75 zone.
XAU/USD daily charts review
On the daily candle chart, on Monday, support was found in the 50-day simple moving average near 1,980.00. The recent move appears to be concise with the support holding on, but actually the move was not caused by the SMA. The reason was the Federal Reserve event.In general, additional resistance could be found in the 2021 and 2022 high level range at 2,065.30/2,082.80.
On the other hand below the 50-day SMA, the 100 and 200-day SMAs are strengthening the 1,950.00 level.
Daily Candle Chart
Gold traders are short
On Friday, 55% were short. Pending orders in the 1000-pip range were 100% to sell.
On Monday, 54% were short, as that proportion of open position volume was in short positions. In the meantime, pending orders in the 1000- pip range around the current price were 86% to buy the metal.
At the start of Wednesday's Asian trading, the positions were 56% short and orders were 55% to buy.