Economic Calendar Analysis
On Wednesday, the US Federal Reserve Meeting Minutes are set to be published at 18:00 GMT.
On the same day the US CPI will be released at 12:30 GMT.
Meanwhile, next week's notable event overview and historical data tables have been published. Click on the link below to see the article with the data.
XAU/USD short-term forecast
During Monday, gold depreciated against the US Dollar. During today's morning, the XAU/USD exchange rate raised to the 1,505.00 level.
Note that the exchange rate is supported by the 55-, 100– and 200-hour moving averages, currently located in the 1,495.50/1,501.73 area. Thus, it is likely that some upside potential could prevail in the market, and the rate could target the psychological level at 1,515.00.
On the other hand, yellow metal could trade sideways against the Greenback around the 1,505.00 mark within the following trading session. If the given support does not hold, the rate could decline to the 1,490.00 level.
Hourly Chart
On the daily candle chart, the price for gold has passed the resistance of the 55-day SMA. In general, the SMA can no longer be used for guidance, as the rate has both passed its support and broken resistance during this week.
Daily Chart
Traders are slightly bearish
Since Monday, 55% of open gold position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were mostly bearish– 80% of orders were to sell and 20% to buy.