This week, the US Advance GDP release at 12:30 on Thursday is bound to impact the value of the US Dollar.
However, the top event of the week will be the US Core PCE Price Index release at 12:30 GMT. The US Federal Reserve looks at this inflation indicator for future guidance of their monetary policy.
XAU/USD short-term forecast
A decline of the commodity price would have to reach below 1,970.00, before approaching the February and January high levels at 1,960.00 and 1,949.00.
Meanwhile, a recovery of the metal's value might encounter resistance in the 2,000.00 mark and the 2,000.00/2,010.00 range. Higher above, note that round price levels acted as resistance and support during the first half of April.
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 appears to be no longer capable of impacting the commodity price, as round price levels have more impact.Next target for the surge is the 2020 August and 2022 March high level zone.
Daily Candle Chart
Traders are neutral
Last week, gold traders were bearish, as 56% of open positions were short. Since Monday, the positions were 50%/50% balanced.
Meanwhile, on Monday, pending orders in the 1000-pip range were 57% to sell. On Tuesday, the orders were 53% to buy.