The resistance of the 1,790.00 level was enough for the metal's price to decline and break the ascending channel up pattern, which has guided the rate since April 14.
In addition, the price had passed the support of the 55-hour SMA before finding support in the 1,765.00 level.
There are no events expected during the upcoming week that could impact the price of gold.
Click on the link below to find out more about the data releases of other currency exchange rates.
XAU/USD short-term forecast
During the second half of Tuesday's GMT trading hours, the price was expected to pass the resistance of the 55-hour SMA and possibly once again test the resistance of the 1,790.00 level.
If the 1,790.00 level does not hold, the pair could reach the 1,800.00 mark. On the other hand, the metal could continue to trade sideways between the mentioned 55-hour SMA and the 1,790.00 level.
Hourly Chart
On the daily chart, the rate has passed the resistance of the 55-day simple moving average. Previously, the SMA started to strengthen the resistance of the 50.00% Fibonacci retracement level of the 2020 low and high levels at 1,763.74.
Meanwhile, note that the 1,800.00 level was being strengthened by the resistance of the 100-day simple moving average.
Daily Candle Chart
Traders remain long
Since Friday, the sentiment on the Swiss Foreign Exchange was bullish, as 62% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 72% to buy the metal.