Throughout the first half of Wednesday's trading, gold was kept up by the 55-hour SMA, which provided support. Just after midday, the metal's price declined below it, signaling a decline.
In theory, in the near term future, the metal should decline to the psychological support of the 1,450.00 mark, which provided support on Tuesday.
This week there are no more data releases, which might impact this rate.
In the meantime, if you are interested in catching a macroeconomic data move, take a look at the historical move tables.
In addition, note that next week's data tables are scheduled to be published on Thursday.
XAU/USD short-term forecast
On Tuesday, the XAU/USD exchange rate tested the upper boundary of the short-term descending channel at 1.462.89. During today's morning, the rate was trading near the given line.
From a theoretical point of view, it is likely that a reversal south could occur in the nearest future. In this case, the price for gold could decline to the psychological level at 1,454.00.
Hourly Chart
On the daily candle chart, the commodity price is heading to the lower trend line of a dominant channel up pattern. In the meantime, it has close by the resistance of the 55 and 100-day simple moving averages.
Daily Chart
Traders remain long on gold
Since Tuesday, 60% of open gold position volume was in long positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 76% of orders were to buy and 24% to sell.
The orders were 68% bullish on Tuesday.