Volatility is expected this week due to ongoing uncertainty in the broader financial markets.
XAU/USD short-term forecast
Bearish momentum emerging from the resistance level at 3500.00 has pushed the price of gold lower, with the metal currently trading around the 3300.00 level. The strong rejection at resistance highlights increased selling pressure, suggesting that market participants are taking a more cautious or risk-off approach amid broader financial uncertainties. If bearish sentiment persists, gold may continue to test lower support levels in the near term. However, any shift in market dynamics, such as renewed safe-haven demand, could potentially slow or reverse the downward move.
XAU/USD daily charts review
Bullishness may push gold closer to 3700.00 if tensions in global markets persist. If bearishness occurs, significant price moves toward 3150.00 may be considered highly plausible.Daily Candle Chart
Traders going short
On Tuesday, 27.00 % of volume was in short positions. Traders are going long.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 36% to sell the metal.