This week, there is only one notable scheduled event, which could impact the US Dollar and the financial markets. On Thursday, a minor move could occur due to the Philadelphia Federal Reserve Manufacturing Index release at 12:30 GMT.
XAU/USD short-term forecast
An extension of the price recovery could encounter resistance in the 50 and 100-hour simple moving averages near 1,660.00. Higher above, the last week's high levels above 1,680.00 might once again stop a surge.
A decline of the metal against the US Dollar might find support in the 1,650.00 level, prior to reaching the 1,640.00 zone.
XAU/USD daily charts review
On the daily candle chart, the price might look for support in the September low level near 1,615.00.Daily Candle Chart
Traders are long
On Monday, the sentiment on the Swiss Foreign Exchange was 65% bullish. Namely, 65% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 65% to sell the precious metal.