This week, the US Retail Sales data release might impact the financial markets through the value of the US Dollar. The data is scheduled to be published on Wednesday at 13:30 GMT.
XAU/USD short-term forecast
A surge of the commodity price is expected to test the resistance of the 1,784.20/1,786.60 zone, before approaching the 1,800.00 mark.
On the other hand, a decline of the price for gold would look for support in 1,766.15/1,768.30 and the 100-hour SMA near 1,760.00.
XAU/USD daily charts review
On the daily candle chart, the metal is testing the resistance of the 200-day simple moving average. Note that the commodity has not touched this indicator since June.Daily Candle Chart
Traders are long
This week, the sentiment on the Swiss Foreign Exchange was 53% bullish. Namely, 53% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 69% to buy the precious metal.