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 move above the 2,000.00/2,010.00 zone could encounter resistance in other round levels, before reaching the 2022 high levels near 2,070.00.
On the other hand, a decline of the price is expected to look for support in the 50 and 100-hour simple moving averages near 1,970.00. Further below, the prior high levels might turn into support at 1,960.00 and 1,950.00.
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 was observed to have started to act as support at the start of the week. However, at mid-week the support zone had failed.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.
After the US rate hike, open positions were 57% short and pending orders were 54% to buy.