On Wednesday, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, the US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
XAU/USD short-term forecast
By the middle of Wednesday's trading hours, the commodity had reached below the 1,990.00 level. A continuation of the decline might aim at the support zone near 1,970.00. Further below, note that previous historical high levels could turn into support.
On the other hand, a recovery of the commodity price is expected to find resistance not only in the 2,000.00/2,010.00 range, but also the 50, 100 and 200-hour simple moving averages. In addition, 1,993.00 acted as resistance during the recent decline.
XAU/USD daily charts review
On the daily candle chart, the metal has bounced off the 2020 and 2022 high level zone.Most recently, the decline passed below the 50-day simple moving average's support near 1,980.00. In addition, note the 100-day simple moving average near 1,935.00, which might catch up and strengthen the zone at 1,955.00/1,965.00.
Daily Candle Chart
Gold traders close shorts
On Wednesday, gold traders were neutral, as 50% of open positions were short and long. Previously, the positions were short.
Meanwhile, pending trade orders in the 1000 point range around the current price were 59% to sell the metal.