On Tuesday morning, the yellow metal's price fluctuated between the 1,910.00 and 1,915.00 levels. The rate had surged on Monday after finding support in 1,890.00.
In regards to the future, the rate had no technical resistance and could surge.
Economic Calendar Analysis
On Wednesday, note that some calendars show the FOMC Meeting Minutes at 18:00 GMT. This is a publication of the minutes without a rate statement. In the past, this event has not caused sharp moves, as the Meeting Minute impact comes on gradually while the markets read and analyse.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
In theory, the commodity price should surge, as it has no technical resistance. In the meantime, it could be supported by the 55 and 100-hour simple moving averages.
On the other hand, take into account that the rate has been ignoring the SMAs during fundamental announcements about the coronavirus. Due to that reason, it is more important to watch the news in the current environment.
Hourly Chart
On the daily candle chart, the rate has been testing the resistance of the 38.20% Fibonacci retracement level at 1,916.78.
Daily Candle Chart
Traders are long on gold
Since last Wednesday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 56% was long.
Meanwhile, in the 1000-pip range around the metal's price the orders were 84% to buy the metal.
The orders were 78% to buy on Monday.