Since the late hours of Monday's trading up to the start of Tuesday's US trading, the commodity price was kept up by the 200-hour SMA.
In the meantime, the metal's price was reaching higher highs after each bounce off from the support of the simple moving average.
The first week of the year is bound to have notable data releases. The top among them are the release of the US Federal Open Markets Committee Meeting Minutes and the US monthly employment data sets.
On Tuesday, at 15:00 GMT, a minor move could be caused by the release of the US ISM Manufacturing PMI.
On Wednesday, the mentioned FOMC Meeting Minutes are set to be released at 19:00 GMT.
On Thursday, at 13:30 GMT, the US Unemployment Claims could cause a minor move on USD pairs and assets. In addition, on the same day, at 15:00 GMT the US ISM Non-Manufacturing PMI results will be published.
The week will end with the release of three US employment data sets. The releases will occur on Friday at 13:30 GMT.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
Monday's, December 28, forecast had not changed, as the metal remained impacted by the same support level of the 200-hour SMA and still faced the resistance zone that surrounds the 1,900.00 level.
The metal's price is expected to once again test the resistance of the 1,895.00/1,907.00 zone. In the case of this resistance failing, the pair would find resistance in round price levels. For example, the 1,920.00 level could provide resistance, as it did in October.
On the other hand, a bounce off from the resistance would once again look for support. The support could be provided by the 55, 100 and 200-hour simple moving averages in the 1,880.00/1,875.00 area.
If the SMAs fail to push the price up, the 23.60% Fibonacci retracement level at 1,860.60 could keep the rate up.
Hourly Chart
On the daily candle chart, the price is squeezed in. Resistance is provided by the 100-day simple moving average and the resistance line of the large scale channel down pattern, which has been guiding the price since August.
Meanwhile, support is provided by the lower trend line of the channel up pattern that captures the rate's December surge. In addition, since Thursday, December 24, the commodity price was supported by the 55-day simple moving average.
This squeeze in is bound to end in a break-out. In the case of a break-out down the rate would aim at the support of the 200-day SMA and a 38.20% Fibonacci retracement level near 1,840.00. On the other hand, a move up would aim at the resistance of a 23.60% Fibo at 1,928.60.
Daily Candle Chart
Swiss traders are long on gold
Since Monday, December 28, on the Swiss Foreign Exchange 60% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 75% to buy the metal