XAU/USD short-term forecast
If the price recovers from the support zone, the bullion could face resistance in the form of the 50 and 100-hour simple moving averages at 1,795.00. Above the SMAs, the 1,800.00 mark might serve as resistance. Further above, note the Friday's high level zone above 1,810.00.
However, if the metal drops below the 1,778.60/1,782.70 zone, the price would have no technical support. Namely, the 1,750.00 could be the closest by level where a pause of a decline might take place.
XAU/USD daily charts review
On the daily candle chart, traders can observe this and last year's high level zones near 1,900.00, 1,950.00 and 2,000.00.Daily Candle Chart
Traders are short
On 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 89% to buy the precious metal.