The financial markets might move on Wednesday, at 18:00 GMT. At that time, the Federal Reserve Meeting Minutes will be published. The minutes is a protocol of the prior meeting held by the Federal Open Markets Committee on the US monetary policy. New information might cause an adjustment of the US Dollar's value.
On Thursday, moves could be created by the publication of the US S&P Global Services and Manufacturing sector Purchasing Managers Index numbers.
However, reaction could be muted, as markets wait for the Friday's Jerome Powell's speech at the Jackson Hole Symposium at 14:00 GMT.
XAU/USD short-term forecast
An extension of the downwards move of the price is expected to look for support in the 2,477.00/2,484.00 range and the ascending 50 and 100-houe simple moving averages.
A resumption of the surge is expected to face the 2,500.00 mark and the recently marked high level at 2,509.90.
XAU/USD daily charts review
On the daily candle chart, the metal found support in the 50 and 100-day simple moving averages, which have been the cause of the latest recovery.Daily Candle Chart
Traders remain short
On Monday, 73% of volume was in short positions.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 67% to buy the metal.
On mid-Friday, the positions were 73% bearish. In the meantime, pending orders were 71% to sell.