Economic Calendar Analysis
On Tuesday, at 12:30 GMT, the US Retail Sales and US Producers Price Indices are expected to be released.
On the same day, the top event of the week would occur. At 18:00 GMT, the US Federal Funds Rate and Fed Statement could cause a move.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
In the case that the metal recovers, the price could reach for the resistance of the 1,875.00 level. This level provided both resistance and support throughout June.
Meanwhile, a potential decline would look for support in the 1,843.80/1,846.00 zone, which played a significant role in mid-May.
Hourly Chart
XAU/USD daily charts review
On Monday, the yellow metal's price broke the lower trend line of the channel up pattern, which had guided the price up since April.The metal could find support in the 200-day simple moving average at 1,845.00 and the 38.20% Fibonacci retracement level at 1,837.43.
Daily Candle Chart
Traders have set up buy orders
On Monday, the sentiment on the Swiss Foreign Exchange were 53% bullish, as 53% of open position volume was long.
In addition, in the 1000-pip range around the metal's price the pending orders were 86% to buy the metal.