By the middle of Monday's London trading session, the yellow metal had traded between 1,454.00 and 1,462.00.
In general, the 1,454.00 level continued to support the metal. In the meantime, the rate was being kept down by the 200-hour SMA and a 23.60% Fibo just above the 1,462.00 mark.
In the meantime, a channel up pattern has been spotted on the hourly candle chart, and a buy signal on the daily.
This week the price might get impacted by US data.
On Monday, at 15:00 GMT the ISM Manufacturing PMI is set to be published.
On Wednesday, there are two US events that the media will pay attention to. The ADP Non-farm Employment Change at 13:15 GMT and the US ISM Non-Manufacturing PMI at 15:00 GMT.
On Friday, the US Employment data sets will be published at 13:30 GMT. The event consists of three numbers – Average Hourly Earnings, Non-farm Employment Change and Unemployment Rate.
Meanwhile, the week's scheduled event historical data and reaction tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
The most notable thing on the hourly candle chart is the newly added channel up pattern, which was drawn by using the recent high and low levels. In general, this pattern could impact the rate until the end of the year.
In the meantime, the rate faces the resistance of the 200-hour SMA and a 23.60% Fibonacci retracement level near 1,462.50. If this level gets broken, the pair could aim at the upper trend line of the pattern.
On the other hand, the resistance cluster could force the rate into trading sideways.
Hourly Chart
On the daily candle chart, the commodity price is heading to the lower trend line of a dominant channel up pattern.
In the meantime, the 55-day SMA has met with the 100-day SMA at 1,485.30. If one follows SMA crossover theory, it is a buy signal. Namely, the shorter term moving average's decline below the longer term signals that a short term decline is over.
Zoom out and take a look at May 2019. In that case, the event was followed by a jump a couple of weeks later. Moreover, a surge in the upcoming weeks would be consistent with the larger channel up pattern.
Daily Chart
Traders stick to their positions
Since Thursday, 62% of open gold position volume was in long positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were set to buy– 65% of orders were to buy and 35% to sell.
The orders had not changed since Friday.