On Wednesday, at 13:45 GMT, the US PMIs are scheduled to be released and could impact all of financial markets.
On Friday, the top event of the week is set to take place, as the head of the Federal Reserve, Chairman Powell, is set to give a speech on monetary policy at the Jackson Hole Symposium. Last year's speech was the catalyst for the September drop of the financial markets, as the USD gained value.
XAU/USD short-term forecast
A decline of the metal's price could look for support in the combination of the 1,895.00 level and the 50 and 100-hour simple moving averages. Below these levels, take into account that the 1,885.00/1,886.75 range might stop a decline.
On the other hand, a surge of the commodity price would have to pass the 1,902.50/1,905.00 zone, before testing the 1,910.25 level or the upper trend line of the broad channel down pattern.
XAU/USD daily charts review
On the daily candle chart, the metal has passed below the 200-day simple moving average and the 1,900.00/1,915.00 range. Both of these have been confirmed as resistance.A move above 1,915.00 is expected to face the combination of the 50 and 200-day simple moving averages, before approaching the resistance levels near 1,950.00. On the other hand, a decline could find support at 1,880.00 or 1,850.00.
Daily Candle Chart
Gold traders are mostly long
On the Swiss Foreign Exchange, traders are 72% bullish on gold, as that proportion of open Gold positions are long.
In the meantime, pending orders in the 1000 point range around the current price are 55% to sell.