This week, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
XAU/USD short-term forecast
Next target for the price decline is the lower trend line of the channel down pattern. Although, it is highly likely that the price will reveal new support levels near round prices.
Meanwhile, a recovery of the metal's value would face resistance at 1,895.00, 1,900.00 and the 1,905.00 levels. In addition, note the upper trend line of the channel down pattern.
XAU/USD daily charts review
On the daily candle chart, the commodity has passed below the support zone above 1,900.00 and is heading to the 1,880.00 level that has acted as bot support and resistance throughout the last couple of years.Daily Candle Chart
Gold traders are mostly long
On Wednesday, the Swiss Foreign Exchange, traders were 68% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 83% to buy.
On Tuesday, positions were 64% long and orders were 71% to buy.