Meanwhile, take into account that the price for gold is set to react to the Federal Reserve events on Wednesday at 19:00 GMT. The announcements are expected to impact all markets. Economic Calendar Analysis
XAU/USD short-term forecast
If the commodity price continues to surge, it could find resistance in round price levels like 1,855.00, 1,860.00 and 1,865.00. That is assumed due to the fact that these levels impacted the price during November.
However, a potential decline would look for support in the 1,850.00 mark, before aiming at the 1,845.00 and 1,840.00 levels.
XAU/USD daily charts review
The daily candle chart can be used to more clearly explore previous high level zones at 1,830.00 and 1,880.00. Meanwhile, the same rule applies to 2021 low levels.Daily Candle Chart
Read More: Technical Analysis
Traders are short on gold
On Tuesday, the sentiment on the Swiss Foreign Exchange was 55% bearish, as 55% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 50% to buy and sell the precious metal.
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