Watch the US ISM services PMI release on Wednesday at 14:00 GMT. Besides this release, there are no notable events scheduled that can impact the financial markets.
XAU/USD short-term forecast
In the case of the 100-hour simple moving average pushing the commodity price up, resistance could be found in the 1,950.00 mark and the upper trend line of the channel up pattern.
However, if the 100-hour SMA fails to act as support once again, the price could look for support first in the 1,935.00 level. Afterwards, take into account the 1,930.00/1,932.25 support range.
XAU/USD daily charts review
On the daily candle chart, the metal has broken the upper trend line of the channel down pattern that has guided it since early May. If the price also passes above the 100-day SMA and the resistance zone at 1,955.00/1,965.00, it could signal the end of the broader decline and a start of a recovery.Daily Candle Chart
Gold traders are mostly long
On Friday, the Swiss Foreign Exchange, traders were 61% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 85% to buy.
On Monday, positions were 59% long and orders were 53% to buy.