This week, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
XAU/USD short-term forecast
In the case of a recovery of the commodity the metal's price is set to face resistance in the 1,910.25 and 1,915.00 level, before approaching the upper trend line of the channel down pattern. Higher above, take into account the 50, 100 and 200-hour simple moving averages.
However, in the case of a decline below the support zone, note the 1,900.00 and 1,895.00 levels and the lower trend line of the channel pattern.
XAU/USD daily charts review
On the daily candle chart, the commodity trades between the 1,950.00 level's resistance and the support of the 1,900.00 mark since late August.Daily Candle Chart
Gold traders are mostly long
On Monday, the Swiss Foreign Exchange, traders were 60% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 78% to buy.
On Tuesday, positions were 64% long and orders were 71% to buy.