Gold started the week by trading up. Namely, it surged from the 1,460.00 level to the 1,465.00 level.
The metal was expected to reach the 1,470.00 level, where it would meet with the technical resistance of the 55-hour simple moving average.
Economic Calendar Analysis
This week, US data is set to impact the price of gold through the value adjustments of the USD.
On Wednesday, at 13:30 GMT the US Consumer Price Index and Core Consumer Price Index are set to be published.
The US PPI and Core PPI data sets are scheduled to be released on Thursday at 13:30 GMT. This is a minor data release, but still worth taking into account.
On Friday, the US Retail Sales data sets will be out at 13:30 GMT.
The week's reaction tables have been published. Take a look at the 11.11-15.11 Event Historical Reactions publication.
XAU/USD short-term forecast
During previous trading session, the XAU/USD exchange rate tried to surpass the support level formed by the Fibonacci 23.60% retracement at 1,462.89. During Monday morning, the rate continued to test the given support.
From the one hand, it is likely that yellow metal could make a reversal north and extend gains against the Greenback. In this case the rate would have to surpass the monthly S1 at 1,475.18. If the given level holds, it is likely that the rate could consolidate.
On the other hand, note that yellow metal is pressured by the 55-hour moving average, currently located at 1,471.14. Thus, the price for gold could decline within the following trading session
Hourly Chart
On the daily candle chart, gold has also passed the support of the 100-day simple moving average.
Daily Chart
Almost neutral sentiment
On Monday, 56% of volume was in long positions. Namely, the SWFX sentiment was bullish.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were almost neutral– 53% of orders were to sell and 47% to buy.