The price of gold has continued to trade in the range between the 1,850.00 and 1,875.00 levels.
The approaching of the resistance of the hourly simple moving averages had not changed the situation, as the price continued to fluctuate sideways.
Economic Calendar Analysis
On Wednesday, at 12:15 GMT the ADP Non-Farm Employment Change data release could cause a move.
On the same day, at 12:30 GMT the US are publishing GDP data.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
The week will end with a monthly data release. The US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are scheduled for 12:30 GMT.
Click on the link below to see the historical reaction tables.
XAU/USD short-term forecast
The price had two scenarios, as it could break the 1,875.00 level or drop below 1,850.00.
In the case of the pair breaking the resistance of the 1,875.00 mark, it would reach for the 1,900.00 level and afterwards the resistance of the 200-hour SMA near 1,910.00.
On the other hand, if the pair drops below 1,850.00, it would have no support as low as the 1,800.00 level. However, other round price levels could provide support.
Hourly Chart
On the daily candle chart, on Thursday, the 100-day simple moving average approached the rate and began to provide support. It continued to do so on Monday, as the SMA strengthened the 1,850.00 mark.
Daily Candle Chart
Traders stick to long positions
Since Thursday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 58% was long.
Meanwhile, in the 1000-pip range around the metal's price the orders were 51% to sell.