Meanwhile, a channel up pattern has been spotted on the pair's hourly candle chart. The pattern has been guiding the price since the November 3 drop. Economic Calendar Analysis
On Tuesday, the US Producer Price Index and Core Producer Price Index at 13:30 GMT could cause minor USD volatility.
On Wednesday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price Index will be released. In addition, the weekly US Unemployment Claims are set to be out at the same time. If the data sets combined beat or disappoint forecasts, a notable move in all USD assets might occur.
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
In regards to the near term future, the metal could continue to surge until the price reaches the summer high level zone at 1,830.00/1,835.00. Above this zone, other round price levels could act as resistance.
On the other hand, the commodity price might decline and look for support. Potential support could be provided by the 1,810.00/1,814.00 zone. The previous resistance zone had provided support to the price during Monday's morning trading. Below the zone, the price could find support in the lower trend line of the channel up pattern and the 50-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, one can better observe how the summer high level zone is formed. Note that the daily simple moving averages were providing both resistance and support in July.Most recently, it can be spotted that round price levels have begun to impact the rate.
Daily Candle Chart
Traders are neutral
Since Friday, the sentiment on the Swiss Foreign Exchange was 52% bullish, as 52% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 70% to sell the precious metal.
The orders were 61% to buy on Friday.