On Monday, the yellow metal's price was consolidating in the aftermath of attempting to pass the resistance of the 1,584.00 level.
In general, the pair was expected to resume its surge as soon as the hourly simple moving averages catch up with it.
Economic Calendar Analysis
There are not many events that could influence the XAU/USD rate.
On Wednesday, the Federal Reserve will publish its FOMC Meeting Minutes at 19:00 GMT.
Event historical data tables have been published. Click on the headline below to read the article.
XAU/USD short-term forecast
On Friday, the XAU/USD exchange rate raised to the 1,584.00 level. During today's morning, the rate declined to 1,580.00.
On the one hand, yellow metal could trade upwards against the Greenback within the following trading session. In this case the price for gold could reach the 1,588 level.
On the other hand, gold could trade downwards against the US Dollar in the nearest future. Note that the exchange rate could gain support of the 55-hour SMA near 1,578.00.
Hourly Chart
On the daily candle chart, on Monday, Dukascopy Analytics added a new channel up pattern, which was drawn by using the February and December low levels.
In general, judging by the size of this pattern and comparing it with the pattern that guided the late 2019 decline, it is expected that the channel up could guide the price upwards during the following months.
Daily Chart
Traders are short on gold
On Monday, the Swiss Foreign Exchange gold sentiment was 55% short. Namely, 55% of open position volume was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were neutral – 53% of orders were to buy and 47% to sell.