Economic Calendar Analysis
XAU/USD short-term forecast
If the metal's price declines, it could reach the support of the October low level zone of 1,745.00/1,751.00.
However, a recovery of the price might encounter resistance in the 200-hour SMA at 1,768.00. Afterwards, the 100 and 55-hour SMAs might act as resistance at 1,777.25 and 1,784.50
XAU/USD daily charts review
On the daily candle chart, the yellow metal's price has bounced off the resistance of the 100 and 200-day simple moving averages, which strengthened the resistance of the 1,800.00 mark.Daily Candle Chart
Read More: Technical Analysis
Traders are long
On Monday, the sentiment on the Swiss Foreign Exchange was 56% bullish, as 56% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 81% to buy the precious metal.