Watch out for the US inflation data. On Wednesday, the US Producer Price Index is set to be published at 12:30 GMT.
Also on Wednesday, the US Federal Reserve will publish the FOMC Meeting Minutes. The minutes could reveal more information about the US monetary policy. The publication is scheduled for 18:00 GMT.
On Thursday, at 12:30 GMT, the US Dollar will react to the combination of the US Consumer Price Index and the weekly Unemployment Claims data. Markets will be looking at this release as the top one of the week.
XAU/USD short-term forecast
For the price to decline it would have to pass below the support of the 200-hour simple moving average near 1,845.00. Further below, it is expected that the 1,930.00 mark and the 50 and 100-hour simple moving averages act as support. If the mentioned levels fail, the 1,920.00 level could turn into support, before the 1,805.00/1,808.00 range would be reached.
If the metal's price starts a broad surge, it is expected to face resistance in the 1,860.00 and 1,880.00 levels that have acted as resistance in September.
XAU/USD daily charts review
On the daily candle chart, note the broad large scale channel down pattern. The pattern's support line has been broken. Meanwhile, zoom out to see the 2023 low levels and the support zone near 1,800.00.Daily Candle Chart
Gold traders buy gold
On Monday, the Swiss Foreign Exchange, traders were 75% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 59% to buy.