This week lacks notable events. The only event that could cause a market reaction is the publication of the weekly US Unemployment Claims on Thursday at 12:30 GMT.
XAU/USD short-term forecast
A continuation of the ongoing recovery could encounter resistance in the 200 and 100-hour simple moving averages. In addition, the 2,420.00 level might impact the rate. Higher above, the 2,450.00 level might act as resistance, before the 2,480.00 level is reached.
On the other hand, a potential decline might look for support in the 2,390.00/2,400.00 range, prior to reaching the 2,370.00 mark.
XAU/USD daily charts review
On the daily candle chart, the metal has passed the support range, but the daily simple moving averages are acting as support.Daily Candle Chart
Traders remain short
After the US employment release, 71% of volume was in short positions. The pending orders were 75% to sell the metal.
During Wednesday trading, the postions were 69% bearish. In the meantime, pending orders were 60% to buy.