In general, if the rate would manage to push through the resistance of the 1,520.00 level, it could once more test the 1,550.00 level, as it did at the start of the month.
Economic Calendar Analysis
On Thursday, the US Final GDP will be published at 12:30 GMT. This event could cause a minor move.
The week will end with the US Durable Goods Orders data release at 12:30 GMT. The event will consist of the release of US Durable Goods Orders and US Core Durable Goods Orders.
However, note that during the last six months the markets did not react to the Durable Goods Orders. For example the EUR/USD moved less than 10 pips during the timeframe of ten minutes around the data being released.
XAU/USD short-term forecast
On Monday, the yellow metal's price reached the resistance of the 1,520.00 level. This level was providing psychological resistance and was also the location of an upper trend line of a channel up pattern.
If the metal passes the 1,520.00 level, it could surge up to the 1,550.00 level. Although, note that the rate would most likely pause near round price levels.
On the other hand, the metal could fail to pass the 1,520.00 level and decline back down to the hourly simple moving averages that were located just above the 1.500.00 level.
Hourly Chart
On the daily candle chart, the price for gold has pierced the lower trend line of the ascending channel pattern. It is a clear signal that the surge of the metal might have ended.
Meanwhile, the support of the 55-day simple moving average was approaching the commodity price from below, near the 1,480.00 level.
Daily Chart
Swiss traders are neutral
On Monday, 51% of open gold position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish and unchanged – 59% of orders were to buy and 41% to sell.