There are no more notable events scheduled for this week,
XAU/USD short-term forecast
An extension of the ongoing recovery is expected to face resistance in the 2,450.00 level, before approaching the all-time-high level range near 2,480.00
On the other hand, a potential decline might look for support in the 2,390.00/2,400.00 range, prior to reaching the 2,370.00 mark. Meanwhile, the hourly simple moving averages are not expected to impact the commodity.
XAU/USD daily charts review
On the daily candle chart, the metal has passed the support range, but the daily simple moving averages are acting as support.Daily Candle Chart
Traders remain short
On Friday, 73% of volume was in short positions. The pending orders were 75% to sell the metal.
During Wednesday trading, the postions were 69% bearish. In the meantime, pending orders were 60% to buy.