On Friday, at 13:30 GMT, inflation at the producer level will be revealed, as the US Producer Price Index will be published. It is considered that producer level inflation eventually turns into consumer inflation, as producers increase consumer goods prices.
XAU/USD short-term forecast
The ongoing surge could encounter resistance in the 2,060.00 level, prior to the commodity reaching the resistance range near 2,075.00.
On the other hand, a potential decline back below 2,050.00 might look for support in the 2,045.00 level and the combination of the 2,040.00 level and the 200-hour simple moving average. Further below, note the 50 and 100-hour simple moving averages near 2,030.00.
XAU/USD daily charts review
On the daily candle chart, most recently the 2021 and 2022 high level range at 2,065.30/2,082.80 has been ignored by the metal.Meanwhile, take into account the approaching 50-day simple moving average. It appears to have acted as support throughout this week.
Daily Candle Chart
Gold traders remain short
On Tuesday, 62% 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 70% to sell the metal.
During Wednesday's trading, positions were 60% short and orders were 73% to sell.
On Friday, the positions were 58% short. Pending orders were 67% to sell.