Gold is supported by the 200-hour moving average, currently located at the 1,319.37 mark. Thus, it is unlikely, that some downside could prevail in the market in the short term.
However, note, that the XAU/USD rate is also pressured by the 55- and 100-hour SMAs at 1,332.00.
On Wednesday, June 12, the US CPI data release will happen at 12:30 GMT.
On Friday, June 14, the US Retail Sales data will be released at 12:30 GMT.
XAU/USD short-term forecast
On Monday, the XAU/USD exchange rate traded sideways between the 1,325.00 and 1,330.00 levels.
Given that the rate is pressured by the 55– and 100-hour moving averages, currently located circa 1,333.00, it is likely, that bears could prevail in the market in the short term. A possible downside target is the support level formed by the 200-hour SMA and the monthly R1 at 1,319.79.
On the other hand, the price for gold could continue to trade sideways, trying to surpass the given resistance. Note, that it is unlikely, that the rate could surpass it, as gold is also pressured by the monthly R2 at 1,333.67.
Hourly Chart
On the daily chart it can be observed that the rate is supported by the monthly R1 at 1,319.79.
If the given support holds, it is expected, that the rate could re-test the psychological level at 1,245.00 in the nearest future.
Daily Chart
Short sentiment decreases
On Tuesday, 60% of all positions on the Swiss Foreign Exchange were short.
Meanwhile, in the 1000 base point range around the current metal's price 59% of all pending orders on the Swiss Foreign Exchange were set to buy.