On Thursday, at 12:30 GMT, the publication of Final US quarterly Gross Domestic Product is set to be published. The release might impact the USD. However, it is usually the Preliminary GDP release, which impact the markets.
On Friday, the US Core PCE Price Index is set to reveal inflation's impact on the consumers. This indicator is seen by the US Federal Reserve as more important than the CPI. The publication is scheduled for 12:30 GMT.
XAU/USD short-term forecast
A continuation of the ongoing decline is expected to find support in the last week's low level zone at 1,934.30/1,937.15. Further below, note that the 1,910.00 and 1,920.00 levels could act as support, before the price hits the 1,900.00 mark.
However, another surge in risk off sentiment in the market would boost the metal's price. In the case of a surge, the price is bound to test resistance of the 2,000.00/2,010.00 zone.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the high level zone of 2020 and 2023. The zone appears to be no longer capable of impacting the commodity price, as round price levels have more impact.Daily Candle Chart
Traders are short
On Friday, gold traders were bearish, as 61% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 59% to buy.
On Monday, open positions were 60% short and pending orders were 50% to buy and sell.