Economic Calendar Analysis
On Tuesday, at 12:30 GMT, the US Core Retail Sales and US Retail Sales are expected to be released. The Retail Sales have caused moves from 9.4 to 19.3 pips since January. The RS has moved the EUR/USD from 9.4 to 19.4 pips during this year.
On Wednesday, the top event of the week would occur. At 18:00 GMT, the US FOMC Meeting Minutes could cause a move from 10.8 to 54.3, as it had done since November 2020.
On Thursday, the US Unemployment Claims could cause a move from 5.9 to 28.8 pips.
XAU/USD short-term forecast
Given that the 55-, 100– and 200– hour SMAs are below the commodity, the precious metal's price could continue to trend bullish. Buyers might target the 1820.00 level during the following trading session.
However, bullish traders might encounter resistance at 1800.00 within the following trading session.
XAU/USD daily charts review
On the Daily time-frame chart, the yellow metal showed strong bullish momentum. Most likely, the XAU/USD pair could target the 1900.00 level during the coming days.However, the metal could find resistance near the 55-, 100 the 200-day simple moving averages at 1.815.65.
Daily Candle Chart
Traders are long
On Monday, the sentiment on the Swiss Foreign Exchange was 68% bullish, as 68% of open position volume was long.
On Tuesday, in the 1000-pip range around the metal's price, the pending orders were 52% to sell the metal.