This week, the top event will be the FOMC Meeting Minutes release on Wednesday at 19:00 GMT. The minutes are a protocol of the last Federal Reserve monetary policy committee meeting. They could provide more information on how the US Dollar rate setters make their decisions.
Meanwhile, some impact could be created by the US Manufacturing and Services PMIs at 14:45 GMT.
Next week, note the upcoming Wednesday's release of US Preliminary GDP at 13:30 GMT.
XAU/USD short-term forecast
The surge of the metal is set to face the 2,035.00/2,040.00 range. A breaking of the resistance range would face the 2,050.00 mark, before aiming at the all-time-high levels.
In case the pattern is broken, note the marked zones that have acted as support and resistance. In addition, the 50, 100 and 200-hour simple moving averages have shown to be capable of impacting the commodity price.
XAU/USD daily charts review
On the daily candle chart, the metal has passed below the 2024 low level range. The range had acted as resistance during late 2023. However, it did not act as resistance during mid-February.In the near term future, resistance could be found in the 50-day simple moving average near 2,035.00. Higher above, note the 2,065.25/2,090.00 range.
Daily Candle Chart
Gold traders are neutral
On Monday, 52% of Dukascopy traders were long, as that proportion of open position volume was in long positions.
In the meantime, pending orders in the 1000-pip range around the current price were 68% to sell the metal.
On Tuesday, positons were 50% long and short. Orders were 91% to sell.