By the middle of Tuesday's trading, the price for the commodity had broken the resistance of the 50 and 100-hour simple moving averages and the 1,800.00 mark. The target for the bullion appeared to be the resistance zone at 1,812.70/1,815.70 and the 200-hour simple moving average near 1,815.00. Economic Calendar Analysis
XAU/USD short-term forecast
If the price bounces off the resistance levels near 1,815.00, a decline back to the support at 1,778.60/1,782.70 could occur. A decline below this zone could leave the price without any support as low as 1,750.00.
On the other hand, a move above 1,815.00 might result in a surge to the 1,830.00/1,835.00 zone.
XAU/USD daily charts review
On the daily candle chart, the metal is finding support in the trend line, which connects the August, September and November low levels. Meanwhile, the 50, 100 and 200-day simple moving averages are being ignored.Daily Candle Chart
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Traders have set up buy orders
Since Monday, the sentiment on the Swiss Foreign Exchange was 55% bearish, as 55% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 100% to buy the precious metal.