The 1,870.00 level continued to provide resistance into Tuesday. Meanwhile, the 1,850.00 level was providing support. Namely, the price fluctuated in a 20.00 USD range.
Economic Calendar Analysis
On Tuesday, at 12:30 GMT, the US Retail Sales and US Producers Price Indices are expected to be released.
On Wednesday, the top event of the week would occur. At 18:00 GMT, the US Federal Funds Rate and Fed Statement could cause a move.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
In the case of the price ending the sideways trading to the upside, the metal could reach the combined resistance of the 55-hour simple moving average and the resistance of the 1,875.00 level.
On the other hand, a potential decline could once again reach the 1,845.00 zone.
Hourly Chart
XAU/USD daily charts review
On Monday, the yellow metal's price broke the lower trend line of the channel up pattern, which had guided the price up since April.The metal could find support in the 200-day simple moving average at 1,845.00 and the 38.20% Fibonacci retracement level at 1,837.43.
Daily Candle Chart
Buy order amount reduces
Since Monday, the sentiment on the Swiss Foreign Exchange were 53% bullish, as 53% of open position volume was long.
On Tuesday, in the 1000-pip range around the metal's price the pending orders were 68% to buy the metal.
On Monday, the orders were 86% to buy