Lower levels of volatility may be considered as a primary scenario, if no significant geopolitical events occur this week.
XAU/USD short-term forecast
For XAU/USD on the hourly chart, the market is currently trading around 4732.72 and reflects a neutral-to-slightly bullish recovery phase following a sharp dip on April 13. ey levels continue to define the structure, with immediate resistance at 4830.00 acting as a ceiling from prior sessions, while immediate support sits at 4610.00, reinforced by a broader psychological floor near 4700.00, and a larger upside target remains at the 5000.00 zone, contrasted by deeper support at 4450.00.
XAU/USD daily charts review
Price action indicates a period of consolidation following a significant correction from earlier highs above 5400.00, with the market now trading around 4730.00 in the middle of a defined range bounded by strong support between 4327.00 and 4400.00 and resistance near 4873.00, which aligns with a former support zone turned ceiling, while a higher resistance level remains at 5408.00. Technically, the price is trading below the 60-day simple moving average, which has shifted from acting as dynamic support to resistance after flattening out, reinforcing a neutral-to-bearish short-term bias as recent attempts to reclaim it have been rejected. Meanwhile, the RSI at 47.65 reflects indecision, sitting in neutral territory and struggling to break above the midpoint, signaling a lack of strong bullish momentum despite a recovery from March lows.Daily Candle Chart
Traders going long
XAU/USD sentiment is strongly bullish, with approximately 72.22% of traders holding long positions compared to 27.78% short, indicating a clear upward bias among market participants.