Take into account that this week, the moves in the financial markets are fundamental, as everyone is waiting for the Wednesday's US Federal Reserve rate hike. Economic Calendar Analysis
On Wednesday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data might cause USD moves.
The top event of the quarter is scheduled for 18:00 GMT. At that time, the US Federal Reserve will release its FOMC Statement and FOMC Economic Projections and the Federal Funds Rate.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the commodity price continues to decline, the metal might look for support in the 1,900.00 mark and the March low level zone at 1,880.00.
Meanwhile, a potential surge of the price is expected to face resistance in the 1,920.00 and 1,940.00 levels and the upper trend line of a channel down pattern, before approaching the 1,950.00 mark.
XAU/USD daily charts review
On the daily candle chart, the metal's price has reached the support zone, which is marked above the 1,900.00 level.Daily Candle Chart
Traders set up buy orders
On Monday, the sentiment on the Swiss Foreign Exchange was 57% bearish, as 57% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 77% to buy the precious metal.
On Tuesday, the open positions were 56% short and pending orders were 92.00% to buy.