Economic Calendar Analysis
Starting with Tuesday, the scheduled fundamental events will start to impact the financial markets. At 15:00 GMT, the CB Consumer Confidence could impact the US Dollar's value.
On Wednesday, various US events are expected to cause market moves. At 13:15 GMT, the US ADP Non-Farm Employment Change might cause a minor USD move.
Afterwards, at 13:30 GMT, the US Preliminary Quarterly GDP is set to reveal whether the United States remain in a recession.
The day will end with a speech of the US Federal Reserve Chairman Jerome Powell at the Brooking Institution in Washington at 18:30 GMT.
On Thursday, note the Core PCE Price Index release at 13:30 GMT. The US monetary policymakers watch this index as a measure of inflation, not the Consumer Price Index.
Afterwards, the US ISM Manufacturing PMI could impact the US Dollar's value at 15:00 GMT.
The week is set to end with the release of the United States employment data at 13:30 GMT. The data release consists of the US Average Hourly Earnings changes, Non-Farm Employment Change and Unemployment Rate.
XAU/USD short-term forecast
A move above the 1,760.00 would not immediately indicate a broader surge, as the level was pierced on Monday, before the price plummeted down to 1,740.00. Higher above, take into account the 1,766.15/1,767.70 zone, which has acted as support and resistance.
However, a decline of the commodity price could find support in the 1,750.00 mark, before approaching the 1,740.00 level.
XAU/USD daily charts review
On the daily candle chart, the metal has bounced off the resistance of the 200-day simple moving average and the 1,787.05/1,808.15 zone.The commodity price might look for support in the 100-day simple moving average near 1,710.00 and the 1,700.00 mark. On the other hand, a potential another test of the 200-day SMA near 1,770.00 is possible.
Daily Candle Chart
Traders remain long
On Tuesday, the sentiment on the Swiss Foreign Exchange was 59% bullish. Namely, 59% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 52% to buy the precious metal.