On Tuesday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data will be published. The data is set to reveal whether the US consumer had continued to make purchases in the market.
To see historical move tables click on the link below.
XAU/USD short-term forecast
If the metal continued to recover, expect the round levels at 1,820.00 and 1,830.00 to act as resistance. Meanwhile, take into account that short term support and resistance has been and could be provided in the future by the 50 and 200-hour simple moving averages. On Friday, the SMAs were located at 1,835.00 and 1,843.00.
On the other hand, a decline is set to look for support in the 1,800.00 level, prior to approaching the lower trend line of the channel down pattern, which had guided the price since the middle of April.
XAU/USD daily charts review
On the daily candle chart, the metal's price has reached the lower trend line of the pattern, which has guided the price down since early March.Daily Candle Chart
Buy orders are gone
On Friday, the sentiment on the Swiss Foreign Exchange was 63% bullish. Namely, 63% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 57% to buy the precious metal.