Since Friday, the metal had retraced back up and found resistance in a technical level. Namely, the 200-hour simple moving average was providing the commodity with resistance and kept the price from surging.
It was possible on Monday that the SMA could push the metal's price even lower.
On Wednesday, at 13:30 GMT, the US Retail Sales and Core Retail Sales could cause a move. However, at the same time, the US Producer Price Index and Core Producer Price Index are set to be published.
If both data sets reveal a positive or negative surprise, compared to the market forecast, the impact could be combined. On the other hand, the data could contradict one another and cancel out the effect of an impact.
On the same day, at 19:00 GMT the FOMC Meeting Minutes PDF document will be released. Note that the impact of the meeting minutes occurs slowly not suddenly, as the market participants read and interpret the meeting minutes.
On Thursday, market participants are set to watch the weekly US Unemployment Claims at 13:30 GMT.
The week will end for the USD/JPY with the US PMIs at 14:45 GMT.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,830.00 area, it is likely that some downside potential could prevail in the market in the short term.
In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the psychological level at 1,845.00 within the following trading session.
Hourly Chart
On the daily candle chart, the metal has bounced off the resistance of the 55 and 200-day simple moving averages, which were located just above the 1,850.00 level.
Daily Candle Chart
Traders are long
On Friday, the sentiment on the Swiss Foreign Exchange was bullish, as 65% of open position volume was long.
On Monday, the sentiment was 64% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 65% to buy the metal.