This week, there are no notable pre-scheduled events that might impact the currency exchange rate.
Some financial news outlets note the upcoming "speech" of Jerome Powell on Thursday at 19:00 GMT. However, the head of the central bank is set to participate in a panel discussion at a research conference not give a speech. It is not normal for the head of the Fed to make notable comments at such minor events.
XAU/USD short-term forecast
A resumption of the broader decline of the commodity price would have to pass below the 1,960.00 level and the 1,956.60 level, before approaching the support of the 1,950.00 and 1,940.00 levels.
On the other hand, a recovery of the metal's price is expected to face the 1,970.00 mark and the 50-hour simple moving average. Higher above, note the 100-hour SMA and the 1,980.00 level.
XAU/USD daily charts review
On the daily candle chart, the price has the 1,950.00/1,965.00 range as support. The metal has to break the 2,000.00 mark to reach the high level zone at 2,065.00/2,080.00.Daily Candle Chart
Gold traders are short
This week, the Swiss Foreign Exchange, traders were 58% short on gold, as that proportion of open Gold positions were short.
In the meantime, pending orders in the 1000 point range around the current price are 63% to buy.