Volatility is expected to remain normal, further continuation against inflation may continue.
XAU/USD short-term forecast
New price resistance level of 2935.00 has been found. Consolidation phase may persist in the shorter time frame. Increased uncertainty amplified by U.S. President Donald Trump could act as a catalyst for further price momentum, potentially pushing gold towards 3000.00.
XAU/USD daily charts review
Gold could continue its upward momentum, with further price discovery potentially pushing it towards 3000.00. This would indicate sustained bullish sentiment, driven by factors like market uncertainty and inflation concerns. If the 2900.00 level is broken, a move towards 2788.00 could be a plausible scenario.Daily Candle Chart
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Traders going long
On Monday, 63% of volume was in long positions. Traders are going long.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 20% to sell the metal.