The yellow metal's price has broken the resistance of the 1,740.00/1,745.00 zone. Moreover, on Monday, the zone began to provide support to the commodity price.
In regards to the future, the metal is expected to either trade sideways or surge.
In regards to the metal's price during the week, there are a couple of scheduled macroeconomic data releases that could impact it.
On Tuesday, the US Flash Manufacturing PMI survey results will be released at 13:45 GMT.
On Thursday, macroeconomic data set release from the US could impact the market. The US Durable Goods Orders, Final GDP and Unemployment Claims data are set to be published at 12:30 GMT.
XAU/USD short-term forecast
The metal broke the resistance of the 1,740.00/1.745.00 zone on Friday. On Monday, this zone already began to provide support to the commodity price. In the upcoming trading sessions on Tuesday and Wednesday, the metal was expected to trade sideways or surge.
Namely, sideways trading above the 1,745.00 mark was expected for the metal to consolidate its gains. The sideways trading could continue until the support of the hourly simple moving averages approach the metal's price.
On the other hand, there are no technical resistance levels that could stop a surge, which could be caused by a fundamental announcement. The most close by technical resistance was a monthly pivot point at 1,773.62.
Hourly Chart
On the daily candle chart, the rate has passed the resistance, which kept it down in May.
Meanwhile, the commodity price is being followed by the support of the 55-day simple moving average, which on Monday was located above the 1,710.00 mark.
In addition, note that the resistance trend line of the 2019 and 2020 high levels could provide resistance near 1,780.00.
Daily Candle
Bulls take profits
Since Thursday, on the Swiss Foreign Exchange the sentiment almost neutral, as it was 52%.
It changed on Monday, when 56% of all volume was in short positions. The bulls had taken profits, leaving the bears with their positions.
Meanwhile, in 1000-pip range around the current metal's price the orders were set to buy, as 58% were bullish orders. The orders had not changed since Friday.