In the absence of significant geopolitical developments, lower levels of volatility should be considered the primary scenario for gold. The likelihood of increased volatility remains low under current conditions.
XAU/USD short-term forecast
In the shorter time frame resistance levels 3372.600 and 3359.2500 are crucial for further upside, if no successful breakout would occur, probability of move to the downside increases significantly.
XAU/USD daily charts review
Price consolidation has occurred in the range of 3250.60 to 3410.000. Further directional basis is needed to have higher volatility in price action.Daily Candle Chart
Traders going long
Continuing previous weeks bullish momentum 50.40 % of volume was in long positions. Traders are still going long.
In the 1000 point range around the latest price, the pending orders were 23 % to sell the metal.