On Monday, the yellow metal pierced the resistance of the 1,915.00 level. However, this event was not followed by a surge, as the rate declined back down to the 1,900.00 level.
On Tuesday, the commodity price fluctuated above the 1,900.00 level.
Economic Calendar Analysis
On Thursday, the weekly US Unemployment Claims will be out at 12:30 GMT.
On Friday, the US Markit Flash Services and Manufacturing PMIs could cause a move.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
By the middle of Tuesday's GMT trading hours, the commodity price had passed the resistance of the 55, 100 and 200-hour simple moving averages. In the meantime, note that the monthly pivot point at 1,909.25 has failed to impact the price.
Due to these reasons combined, the rate was expected to make another attempt to pass the resistance of the 1,915.00 mark.
Hourly Chart
On the daily candle chart, since Wednesday, the rate was fluctuating between two Fibonacci retracement levels.
Resistance was provided by the 38.20% Fibo at 1,916.78 and support was provided by a 23.60% Fibonacci retracement level at 1,879.18.
Meanwhile, the 23.60% Fibo was being supported by the 100-day simple moving average. In the meantime, the rate could face additional resistance from the 55-day SMA.
Daily Candle Chart
Traders are long
Since Thursday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 61% was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 73% to buy the metal.
The orders were 54% to sell on Monday.