No significant price movements are expected this week from macroeconomic data releases.
XAU/USD short-term forecast
In the short term, gold continues to trade sideways within a range of 2622.00 to 2664.00. The 2664 resistance level may be tested this week, and if broken, a move towards the 2720.00 price level is highly plausible.
If rejection of upside price momentum occurs, further price discovery could be to price levels 2600.00 and 2540.00.
XAU/USD daily charts review
On the daily candlestick chart, no significant price movement was observed in the previous week. The 30-day RSI indicator suggests that slow upward price pressure towards 2723.6500 may occur if the majority of sellers are not active. Unexpected selling pressure could test price levels of 2605.9500 and 2562.7500.Daily Candle Chart
Traders take profits
At the moment, there is no significant trading bias in gold. Trader sentiment suggests that sideways action may continue in the short term.
Meanwhile, in the 1000 point range around the latest price, there are only buy orders.