The metal is ignoring technical, as the market expects the publication of the US Consumer Price Index and US Federal Funds Rate. Economic Calendar Analysis
The US Consumer Price Inflation data is set to be published on Tuesday at 13:30 GMT. The inflation is set to reveal whether the Federal Reserve is successful in its policy at reducing inflation.
On Wednesday, the top event of them all will take place. At 19:00 GMT, the US Federal Reserve will release its Federal Open Market Committee Statement and Economic Projections. The central bank is expected to hike its base interest rate from 4.00% up to 4.50%.
On Thursday, at 13:30 GMT, the US Retails Sales data and Empire State Manufacturing Index might cause an adjustment in the value of the US Dollar.
The week will end with the publication of Markit Services and Manufacturing sector Purchasing Managers Index survey data at 14:45 GMT.
XAU/USD short-term forecast
A surge of the metal could encounter resistance in the 1,795.00 and 1,800.00 levels, before approaching the 1,803.30/1,809.90 range, which has continued to act as resistance.
On the other hand, a decline of the price might look for support in the 1,763.55/1,766.15 zone.
XAU/USD daily charts review
On the daily candle chart, the 200-day simple moving average remains as support. Meanwhile, price still faces the 1,787.05/1,808.15 resistance zone.Daily Candle Chart
Long sentiment decreases
On Tuesday, the sentiment on the Swiss Foreign Exchange was 59% bullish. Namely, 59% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 64% to sell the precious metal.
On Monday, the open positions were 61% long and orders were 68% to sell.