Volatility is not expected to be out of the ordinary; however, weekend data releases could confirm or deny further hedging against inflation using gold.
XAU/USD short-term forecast
Increased uncertainty amplified by U.S. President Donald Trump could act as a catalyst for further price momentum, potentially pushing gold towards 3000.00.
XAU/USD daily charts review
If the support level at 2788.00 holds, gold could continue its upward momentum, with further price discovery potentially pushing it towards 3000.00. This would indicate sustained bullish sentiment, driven by factors like market uncertainty and inflation concerns. However, if the 2788.00 support level is broken, the next key support to watch would be 2723.65. A break below this level could signal a shift in market sentiment, leading to further downside or consolidation before the price finds stronger support.Daily Candle Chart
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Traders going long
On Monday, 73% of volume was in short positions. Traders are going short.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 40% to sell the metal.