Since the middle of Monday's GMT trading hours, the yellow metal's price has been pushed up by the 55-hour simple moving average.
However, the metal did not manage to reach above the previously touched 1,745.00 level.
On Wednesday, June 3, two macroeconomic events from the US are expected: the ADP Non-Farm Employment Change at 12:15 GMT and the ISM Non-manufacturing PMI at 14:00 GMT.
The week will end with the US data set release on Friday 12:30 GMT.
XAU/USD short-term forecast
Given that yellow metal is supported by the 55-, 100– and 200-hour moving averages in the 1,725.00/1,735.00 range, it is likely that some upside potential could prevail.
Meanwhile, gold could remain pressured by local resistance level at 1,745.00. If the given level holds, it is likely that the exchange rate could trade sideways within the following trading session.
Hourly Chart
On the daily candle chart, note that the high levels of August 26, February 21, March 9 and April high levels can be connected in a resistance trend line.
Meanwhile, the daily simple moving averages remain below the commodity price and below the 1,700.00 mark.
Daily Candle
Traders remain long
Since Thursday, trader open position volume on the Swiss Foreign Exchange was 54% long.
On Monday, the situation slightly changed, as 55% of open volume was in bullish positions.
By the middle of Tuesday's trading, the sentiment had remained almost unchanged. 54%of volume was long.