On Monday, the yellow metal's price tested the resistance of the 1,820.00 level. The surge was started by the support of the 55 and 100-hour simple moving averages.
In the near term future, the metal's price had a couple of possible future scenarios.
Economic Calendar Analysis
On Thursday, the US Unemployment Claims data is set to be published at 12:30 GMT.
On Friday, the US Manufacturing and Service PMIs survey results are going to be released at 13:45 GMT.
For more information read the weekly event review article by clicking on the link below.
XAU/USD short-term forecast
During the US trading hours, the yellow metal had tested the resistance of the 1,820.00 level.
In the near term future, the rate could trade sideways by trading below this level, as it consolidates its gains. On the other hand, a decline down to the hourly simple moving averages below the 1,810.00 price level.
Hourly Chart
On the daily candle chart, gold gains support at the 1,796.00 level.
Meanwhile, note that the rate could be pressured by a trend line was drawn by connecting the 2019 and 2020 high levels.
Daily Candle Chart
Short sentiment grows
On Friday, on the Swiss Foreign Exchange the sentiment was bearish, as of total open position volume 56% was short.
On Monday, the sentiment was 60% short.
Meanwhile, in the 1000-pip range around the metal's price the orders were 65% to buy.