Since Friday morning, the yellow metal's price has fluctuated between the support of the 1,900.00 level and the resistance of the 1,915.00 mark.
By the middle of Monday's GMT trading hours, the currency exchange rate was had surged up and was expected to test the 1,915.00 mark.
Economic Calendar Analysis
On Thursday, the weekly US Unemployment Claims will be out at 12:30 GMT.
On Friday, the US Markit Flash Services and Manufacturing PMIs could cause a move.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour moving averages in the 1,904.00 area. Thus, the price for gold could target the 1,925.00 level.
In the meantime, it is unlikely that bears could prevail in the market, and the exchange rate could tumble below the psychological level at 1,890.00.
Hourly Chart
On the daily candle chart, since Wednesday, the rate was fluctuating between two Fibonacci retracement levels.
Resistance was provided by the 38.20% Fibo at 1,916.78 and support was provided by a 23.60% Fibonacci retracement level at 1,879.18.
In addition, the Fibo could soon be strengthened by the approaching 100-day SMA.
Daily Candle Chart
Traders are long
Since Thursday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 61% was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 54% to sell the metal.
The orders were 76% to buy on Friday.