On the gold price charts it caused a recovery that pushed through the resistance of the 50 and 100-hour simple moving averages. The price could soon test the 200-hour SMA and the 200-hour simple moving average and the 2,350.00 level. Economic Calendar Analysis
This week, the markets will watch the US Employment data release. It is scheduled for Friday 12:30 GMT. The data release moves all of the financial markets, as it causes a move in the US Dollar.
US Employment data release consists of the US Average Hourly Earnings change, Non-Farm Payrolls and Unemployment rate.
XAU/USD short-term forecast
If the metal moves above 2,350.00, the 2,360.00 is bound to immediately act as resistance. Higher above, the 2,400.00 could be the target.
On the other hand, a decline of the metal is set to look for support in the 2,300.00 mark.
XAU/USD daily charts review
On the daily candle chart, the metal has moved below the 50-day simple moving average, as it appears to have failed to act as support.Daily Candle Chart
Traders remain short
On Monday, traders were 68% bearish. Namely, 68% of all open position volume at Dukascopy was in short positions.
In the meantime, more traders were set to go short. 100% of all pending orders in the 1000 point range around the current metal's price are to sell.