This week, the financial markets could adjust to the publication of the US Federal Reserve Federal Open Market Committee Meeting Minutes publication on Tuesday at 19:00 GMT. However, the impact of the minutes has been low during the prior months due to the release of the US monetary policymaker protocols not including anything new.
On Friday, take into account that the release of the European, United Kingdom and United States Markit Manufacturing and Services Purchasing Managers Indices are set to be published and impact respectively the Euro, Pound and the US Dollar. The publications are scheduled to be done throughout the day.
XAU/USD short-term forecast
The commodity price appears to be looking for additional support, before resuming its surge. The support could be found in the 1,970.00 mark and the 100-hour simple moving average. If these levels fail to push the price up, the 1,960.00 level and the 200-hour SMA could stop a decline, prior to the price reaching as low as 1,950.00.
In the case of a surge before finding support, the metal would need to reach above 1,980.00 and the 50-hour simple moving average and the 1,990.00 mark. Higher above, the 2,000.00 is bound to act as resistance.
XAU/USD daily charts review
On the daily candle chart, the price has the 1,950.00/1,965.00 range as support. Passing below these levels and the 200-day SMA could result in the price looking for support in the 50 and 100-day SMAs near 1,930.00. Further below, note the 1,900.00 mark.On the other hand, the metal has to break the 2,000.00 mark to reach the high level zone at 2,065.00/2,080.00.
Daily Candle Chart
Gold traders are shorting
This week, the Swiss Foreign Exchange, traders were 54% short on gold, as that proportion of open Gold positions were short.
In the meantime, pending orders in the 1000 point range around the current price have been 64% to buy.