On Monday, the rate managed to pass the resistance of the 55 and 200-hour simple moving averages. It resulted in a failed attempt to pass the 1,910.00 level.
On Tuesday, the rate had declined and found support in the 1,900.00 mark.
Economic Calendar Analysis
On Tuesday, the US Durable Goods Orders and Core Durable Goods Orders will be released at 12:30 GMT.
On Thursday, at 12:30 GMT two events will be released that the financial media will talk about. The US Advance GDP and the Unemployment Claims would be released at that time. However, recently both of them have not caused notable moves
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
The XAU/USD exchange rate has revealed a short-term descending channel.
From a theoretical point of view, it is likely that yellow metal could depreciate against the US Dollar within the predetermined trend in the short term. However, if the given channel does not hold, the rate could target the 1,885.00 mark.
In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could go upwards, as the exchange rate is pressured by the 55-, 100– and 200-hour SMAs in the 1,904.00/1,909.00 area.
Hourly Chart
On the daily candle chart, the yellow metal is flat between technical levels.
Resistance is provided by the 38.20% Fibonacci retracement level at 1,916.78 and the 55-day simple moving average at 1,923.23.
Meanwhile, the metal has the support of the 23.60% Fibonacci retracement level at 1,879.18 and the 100-day simple moving average at 1,884.07.
Daily Candle Chart
Traders are long on gold
Since Friday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 60% was long.
On Tuesday, the sentiment became 59% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 71% to buy the metal.