This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The minutes are a protocol of the last Federal Reserve monetary policy committee meeting. They could provide more information on how the US Dollar rate setters make their decisions.
Meanwhile, some impact could be created by the US Manufacturing and Services PMIs at 14:45 GMT.
XAU/USD short-term forecast
In the near term future, the price is expected to look for support in the support and resistance range near 2,010.00 and the 50-hour simple moving average and the lower trend line of the channel up pattern. If the metal moves below these levels, note that various levels could act a support. Namely, the 100-hour simple moving average, the 2,000.00 mark and the 1,995.00 level are capable of impacting the metal.
Meanwhile, a potential resumption of the price recovery, needs to break the 200-hour SMA at 2,015.00 and the 2,022.80/2,023.50 range, before testing the 2,035.00/2,040.00 zone.
XAU/USD daily charts review
On the daily candle chart, the metal has passed below the 2024 low level range. The range had acted as resistance during late 2023. However, it has not turned into resistance.In the near term future, resistance could be found in the 100 and 50-day simple moving averages near 2,015.00 and 2,035.00.
Daily Candle Chart
Gold traders are almost neutral
On Monday, 52% of Dukascopy traders were long, as that proportion of open position volume was in long positions.
In the meantime, pending orders in the 1000-pip range around the current price were 68% to sell the metal.