The support of the 1,460.00 level provided enough strength for the metal to break three technical resistance levels. By the middle of Tuesday's London trading, the commodity price was expected to reach the 1,470.00 level.
At that level, the price should meet with the resistance of the 100-hour simple moving average, which is the last technical resistance before the 1,475.00 mark.
This week there are a couple of events that could impact the rate.
On Wednesday, at 13:30 GMT the US CPI and Core CPI are scheduled to be published.
On the same day, the US Federal Reserve would announce its interest rate at 19:00 GMT.
The week is set to end with the US Retail Sales data sets on Friday at 13:30 GMT.
Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
The yellow metal broke the resistance of the 55 and 200-hour SMAs at midday on Tuesday. This resulted in a surge, which was expected to reach the resistance of the 100-hour SMA at 1,470.00.
If the resistance of the SMA gets broken, the rate would next aim at the monthly pivot point at 1,475.50 level.
If the resistance holds, the rate would back down to the 200-hour SMA at 1,466.00.
Hourly Chart
On the daily candle chart, the commodity price was pushed down by the resistance of the 55 and 100-day simple moving averages.
In the meantime, the rate has almost reached the lower trend line of a massively large channel up pattern. The pattern represents the surge that has occurred since September 2018.
Daily Chart
Sentiment is unchanged
Since Thursday, on the Swiss Foreign Exchange 56% of open gold position volume was in long positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were slightly bearish– 46% of orders were to buy and 54% to sell.