Volatility is expected this week due to ongoing uncertainty in the broader financial markets.
XAU/USD short-term forecast
In the short term, bullish sentiment may drive the price of gold higher, potentially pushing it toward the key psychological and technical resistance level at 3500.00. This move could be supported by factors such as rising geopolitical tensions, expectations of a more dovish Federal Reserve stance, and increased demand for safe-haven assets amid global economic uncertainty. A continued decline in bond yields or weakness in equity markets may also contribute to upward momentum.
XAU/USD daily charts review
Bullishness may push gold closer to 3700.00 if tensions in global markets persist. If bearishness occurs, significant price moves toward 3150.00 may be considered highly plausible.Daily Candle Chart
Traders going short
On Tuesday, 46.65 % of volume was in long positions. Traders are going long.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 30% to sell the metal.