During Monday, the price for gold jumped to the 1,484.00 level.
Economic Calendar Analysis
this week, the US Durable Goods Orders on Monday at 13:30 GMT could cause a move.
Meanwhile, this week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
During previous trading session, the XAU/USD exchange rate tried to surpass the resistance level at 1,480.00. During Monday morning, the rate exceeded the given resistance and jumped to the 1,484.00 mark.
It is unlikely that the price for gold could decline lower than the 1,478.00 mark due to the support formed by the 55– and 100-hour SMAs.
It is likely that yellow metal could consolidate at the 1,484.00 level in the nearest future. On the other hand, the rate could target the 1,488.00 level in the short term.
Hourly Chart
On the daily candle chart, the commodity price is still being pushed down by the 55-day simple moving average, which was located near the 1,480.00 level. In addition, downside pressure is added by the 100-day SMA near 1,490.00.
Daily Chart
Traders are neutral on gold
On Monday, on the Swiss Foreign Exchange 50% 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 – 64% of orders were to buy and 36% to sell.