Since the surge at mid-day on Monday, the commodity price has been trading sideways around the 1,805.00 level.
Economic Calendar Analysis
On Wednesday, US Durable Goods Orders release at 12:30 GMT could cause an adjustment in the value of the US Dollar. All the pairs that involve the USD are bound to move.
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
XAU/USD short-term forecast
In the case of a surge, the commodity price could reach for the August and July high level zone at 1,830.00/1,835.00. On the other hand, a potential decline could look for support in the 1,795.00 level and the 55 and 100-hour simple moving averages near 1,790.00.
Hourly ChartXAU/USD daily charts review
On the Daily time-frame chart, the yellow metal has encountered the resistance of the 100 and 200-day simple moving averages near the 1,810.00 level.Daily Candle Chart
Long sentiment drops
On Tuesday, the sentiment on the Swiss Foreign Exchange was 54% bullish, as 54% of open position volume was long.
On Monday, 62% of volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 66% to buy the precious metal.