At mid-day on Tuesday, the yellow metal's price bounced off the resistance of the pivot point at 1,773.62 and passed the support of two hourly simple moving averages.
In theory, the commodity should look for support in the lower trend line of the previously described channel up pattern.
The main scheduled macroeconomic data release of the week is bound to occur on Thursday, at 12:30 GMT. At that time the US employment data sets are scheduled to be published.
Note that some calendars show the ADP Non-Farm Employment Change and the US ISM Manufacturing PMIs as high impact events, they have not caused an increase of volatility.
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XAU/USD short-term forecast
The rate has passed the support of the 55 and 100-hour simple moving averages, which are located at 1,769.28 and 1,767.37.
In theory the rate should gradually decline down to the support of the lower trend line of the channel up pattern near the 1,760.00 mark. However, take into account that the 1,765.00 mark has been providing psychological support.
Hourly Chart
On the daily candle chart, the commodity price is finding support in the psychological effect of the 1,750.00 level. Namely, the round price level keeps the metal up.
In addition, note that the resistance trend line of the 2019 and 2020 high levels could provide resistance above 1,790.00.
Daily Candle
Swiss traders remain short
Since Thursday, on the Swiss Foreign Exchange the sentiment almost bearish, as it was 63% short.
The sentiment became 64% short on Tuesday.
Meanwhile, in 1000-pip range around the current metal's price the orders were set to buy, as 72% were bullish orders.