There are a number of notable upcoming scheduled events to watch.
On June 12 at 12:30 GMT, the United States Consumer Price Index will reveal how inflation has done in the US over the past month. The event will reveal whether the decision to keep US interest rates unchanged has continued to push inflation lower.
On the same day, at 18:00 GMT, the United States Federal Reserve is set to announce its Federal Funds Rate and release the FOMC Statement. In general, the central bank is expected to keep rate unchanged, but the information in the statement will reveal when and how policy changes could occur.
On June 13, the US Producer Price Index will be published at 12:30 GMT. The index shows inflation at the producer level. It is considered that inflation at the producer level results in consumer price increases. However, in most cases that does not occur. Due to this reason the event has a minor impact.
The week afterwards, on June 18 at 12:30 GMT, minor impact could occur due to the publication of the US monthly Retail Sales change. Higher retail sales indicate a healthy economy, but also signal inflation.
XAU/USD short-term forecast
An extension of the decline below 2,300.00 is expected to look for prior support and resistance levels at 2,280.00 and 2,230.00, before the 2,200.00 mark is reached. However, take into account that the 2,250.00 could also turn into support.
If the metal's price recovers, resistance could be encountered in the 50, 100 and 200-hour simple moving averages near 2,350.00. Higher above, note that the 2,390.00/2,410.00 range is resistance.
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.Meanwhile, note the additional support from the approaching 100-day simple moving average near 2,250.00.
Daily Candle Chart
Traders are short
After the US employment publication, 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.