On Wednesday, at 13:30 GMT, the financial markets might react to the US Durable Goods Orders and Unemployment Claims publication.
Later on, at 14:45 GMT, the Markit Services and Manufacturing Purchasing Managers Indices for the US could cause an adjustment of the US Dollar's value.
The day and the week's notable events will end with the release of the US Federal Reserve FOMC Meeting Minutes at 19:00 GMT. The Meeting Minutes are the protocol of the last US Fed meeting. New details might be in the file.
XAU/USD short-term forecast
An extension of the decline could find support in the 1,730.00 level, which marks the September high level zone. However, in early November, the price ignored the level. Further below, note the support zone below 1,705.00.
On the other hand, a recovery of the metal's price might encounter resistance in the 1,745.00 level, before testing the combination of the 1,750.00 level and the 50 and 200-hour simple moving averages. Above 1,750.00, take into account the 1,766.15/1,768.30 zone and the 100-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, the metal has bounced off the resistance of the 200-day simple moving average and the 1,787.05/1,808.15 zone. The commodity price might look for support in the 100-day simple moving average near 1,710.00 and the 1,700.00 mark.Daily Candle Chart
Traders are neutral
On Monday, the sentiment on the Swiss Foreign Exchange was 51% bullish. Namely, 51% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 75% to buy the precious metal.