Continuing previous week's trend volatility may occur if any geopolitical event takes place; however, elevated levels should not be expected.
XAU/USD short-term forecast
In the short term, gold could see a movement towards 2830.00 as market conditions fluctuate. However, if bullish sentiment continues to build, a further upward momentum towards 2935.00 may take place, driven by investor confidence and positive market fundamentals.
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 short
On Tuesday, 34% of volume was in long positions. Traders are going short.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 27% to buy the metal.