In theory, the commodity price would trade in the pattern until a break out from it occurs.
Economic Calendar Analysis
This week note the US ISM Manufacturing PMI on Thursday at 14:00 GMT.
On Friday, the US Employment data sets are bound to impact the value of the USD at 12:30 GMT.
XAU/USD short-term forecast
If the price breaks out to the upside, it would most likely face the resistance of the 200-hour simple moving average near 1,790.00. Afterwards, the 1,800.00 mark would be reached.
On the other hand, a passing of the 1,770.00/1,775.00 zone could result in a decline to the 1,750.00 mark.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the metal has reached the support of the 50.00% Fibonacci retracement level near 1,760.00. In the meantime, resistance is being provided by the 100-day simple moving average at 1,792.80.Daily Candle Chart
Traders are long on gold
On Monday, the sentiment on the Swiss Foreign Exchange were 68% bullish, as 68% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 68% to buy the metal.