This week, various events will impact the markets. In general, fundamentals are set to impact the currencies.
On Tuesday, at 15:00 GMT, the Consumer Board Consumer Confidence index is set to reveal how the consumers are looking into the future.
On Wednesday, the ADP Non-Farm Employment Change, JOLTS Job Openings and ISM Manufacturing PMIs might cause moves in the USD. The releases will occur at 13:15 GMT and 15:00 GMT.
Afterwards, at 19:00 GMT, the US Federal Reserve is set to hike its Federal Funds Rate. The central bank is expected by the markets to increase its interest rate from 4.50% up to 4.75%. The announcement will be followed by a press conference of the Chairman of the Federal Reserve Jerome Powell at 19:30 GMT.
On Friday, the US monthly employment data will be published at 13:30 GMT. The release will consist of Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
The near term future of the price for gold is going to be set by the US Federal Reserve on Wednesday at 19:00 GMT. A surge is expected to test the previous high level zones.
In the meantime, a decline is bound to look for support in the 1,900.00 mark.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the late 2021 high level zone of 1,900.00/1,910.00. Meanwhile, above the 1,950.00 level take into account the high level zone of late 2020 and early 2021 at 1,957.85/1,965.70.Daily Candle Chart
Traders were shorting
On Monday, gold traders were short, as 54% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 71% to sell.