On Tuesday, the yellow metal's price passed the 1,600.00 level and touched the 1,620.00 mark.
By the middle of the day's GMT trading hours, the 1,620.00 was keeping the commodity price from surging higher.
This week, there are couple of events that could affect the XAU/USD exchange rate.
On Wednesday, March 25, the US Durable Goods Orders data will be released at 12:30 GMT.
Later this day, the US Crude Oil Inventories are set to be released at 14:30 GMT.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT.
Meanwhile, next week's data is available. Click on the link below to see the historical data tables with the reactions to various events
23.03-27.03 Event Historical Reactions
XAU/USD short-term forecast
In the case of the 1,620.00 level being broken, the price could aim at the resistance of the 1,650.00 mark and afterwards the 1,668.23 level. At that level the simple R1 monthly pivot point was located at.
On the other hand, if the metal retraces back down, it would look for support in the hourly simple moving averages and the monthly S1 pivot point near 1,530.00
Hourly Chart
On the daily candle chart, the price has broken the resistance of the 55-day simple moving average, which on Tuesday was located at the 1,581.90.
Daily Chart
Bullish traders take profits
On Monday, the Swiss Foreign Exchange sentiment was 66% long.
By the middle of Tuesday's GMT trading hours, the sentiment was 60% long. Traders had taken profits from the recent surge up to the 1,620.00 level.