At mid-day on Tuesday, it appeared that the metal had failed, as it declined below 1,775.00. In general, future scenarios remain unchanged. Economic Calendar Analysis
On Wednesday, at 12:30 GMT the US Retail Sales and Core Retail Sales data is set to impact the rate through the value of the US Dollar.
Namely, a decreasing or flat retail sales change month on month is set to cause an adjustment of the USD to the downside. Meanwhile, a higher than expected reading could be the catalyst of a surge of the Dollar.
At 18:00 GMT on Wednesday, the US Federal Reserve Meeting Minutes are bound to be published. The details included in the document might be the reason for a USD move.
XAU/USD short-term forecast
A continuation of the decline of the price of gold could find support in the 1,765.10 level, which acted as support during early trading of August. Further below, note the 1,745.00/1,755.00 zone.
On the other hand, a surge of the price might encounter resistance in the 1,785.00 mark, prior to reaching the 1,800.00/1,807.50 zone.
XAU/USD daily charts review
On the daily candle chart, the price for gold has passed above the resistance of the 50-day simple moving average and the upper trend line of the 2022 channel down pattern. However, it appears that the May and June low level zone has acted as resistance to the commodity and a decline has started.Daily Candle Chart
Traders set up sell orders
This week, the sentiment on the Swiss Foreign Exchange was 59% bullish. Namely, 59% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 71% to buy the precious metal.
On Tuesday, the positions were unchanged. However, the pending orders were 82% to sell, not to buy.