Another new high level has been reached by the yellow metal, as the 1,945.00 mark was touched on Monday.
In the near term future, the metal could reach for the psychological resistance of the 1,950.00 mark. However, the price has surged in a too sharp angle, which indicates that it could first consolidate by trading sideways.
Economic Calendar Analysis
Notable macroeconomic events are set to start with the biggest and most important of them all, the Federal Reserve is scheduled to make a Rate Statement and Rate Announcement on Wednesday, at 18:00 GMT.
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
At the end of last week, the XAU/USD exchange rate raised to the 1,920.00 level. During Monday morning, the rate pierced the monthly R3 at 1,936.76.
From the one hand, it is likely that yellow metal is in the overbought area, thus, a reversal south could occur. In this case the rate could gain support from the 55-hour moving average near 1,895.00.
On the other hand, it is likely that gold could trade sideways against the US Dollar near the monthly R3 within the following trading session.
Hourly Chart
On the daily candle chart, the metal has reached a new historical high level, as the 1,912.40 level was broken.
Daily Candle Chart
Traders remain short
On Monday, on the Swiss Foreign Exchange the sentiment was bearish, as of total open position volume 59% was short.
On Friday, the sentiment was 61% short.
Meanwhile, in the 1000-pip range around the metal's price the orders were 75% to buy.
The orders were 68% to buy on Friday.