On Monday, look out for the Markit Services and Manufacturing sector Purchasing managers Indices. The European release is set to occur from 07:15 up to 08:00 GMT. The UK data will be out at 08:30 GMT. US results will be published at 13:45 GMT.
On Tuesday, the Consumer Board Consumer Confidence survey results might impact the US Dollar's value.
On Thursday, the Euro will react to the European Central Bank's announcement of the Main Refinancing Rate and the follow up press conference. The publication of the rate and monetary policy statement is scheduled for 12:15 GMT. The press conference is scheduled for 12:45 GMT.
Meanwhile, between the ECB events, at 12:30 GMT the US Advance GDP is set to be published. The event will impact all US Dollar pairs.
On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
XAU/USD short-term forecast
A decline below 1,640.00 could look for support in the 1,620.00 level and the 1,615.00/1,622.00 zone. Further below, note the 1,600.00 mark.
However, a recovery of the price for gold might find resistance at 1,670.00 and the 1,678.75/1,683.85 zone.
XAU/USD daily charts review
On the daily candle chart, the price might look for support in the September low level near 1,615.00.Daily Candle Chart
Traders are long
On Monday, the sentiment on the Swiss Foreign Exchange was 66% bullish. Namely, 66% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 55% to buy the precious metal.
On Friday, traders were 67% long and pending orders were 61% to buy.