On Friday, the yellow metal failed to exceed the 1,745.00 level.
During Monday morning, the XAU/USD exchange rate was testing the support provided by the 200-hour moving average.
In regards to the metal's price during current week, there are a couple of scheduled macroeconomic data releases that could impact it.
First of all, note the US Retail Sales on Tuesday at 12:30 GMT.
On Thursday, the US Unemployment Claims at 12:30 GMT will be discussed by most market participants. However, this release usually causes moves below normal volatility.
XAU/USD short-term forecast
During the previous trading session, the XAU/USD exchange rate failed to exceed the 1,745.00 level. During Monday morning, the rate was testing the support formed by the 200-hour SMA near 1,715.00.
Given that yellow metal is pressured by the 55– and 100-hour SMAs in the 1,725.00 area, it is likely that some downside potential could prevail, and the price for gold could target 1,695.00/1,700.00.
However, if the predetermined support holds, it is likely that gold could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, it can be spotted that a surge in May was stopped by the psychological resistance of the 1,750.00 mark. This level could provide resistance in the case of the 1,740.00 failing to keep the price down.
Daily Candle
Traders become neutral
On Friday, on the Swiss Foreign Exchange 51% of open position volume was in long positions.
On Monday, the sentiment was neutral, as it was 50% long.
Meanwhile, in 1000-pip range around the current metal's price the orders were set to buy, as 69% were bullish orders.