Since the middle of Monday's European trading, the commodity price has continued to be supported by the 200-hour simple moving average. In the meantime, the price almost ignored the 55 and 100-hour simple moving averages.
Economic Calendar Analysis
On Wednesday, at 13:45 GMT the US Services and Manufacturing PMIS could cause moves.
On Thursday, the US Final GDP is set to be released at 12:30 GMT.
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 regards to the near term future, the 200-hour SMA could force the price into testing the resistance of the 1,745.50/1,747.40 zone. If the zone fails to hold, the price could reach the resistance of the 1,755.00 level.
On the other hand, in the case of the 200-hour SMA failing to push the price up, the metal could look for support in the 38.20% Fibonacci retracement level at 1,729.33. If the retracement level does not provide support, the commodity price would look for support in round price levels. Most likely the 1,720.00 and 1,700.00 levels could provide support.
Hourly Chart
On the daily candle chart, the metal could find resistance in the 50.00% Fibonacci retracement level at 1,763.74. This level provided the commodity with support in late November and February.
In the meantime, on Monday, the March high levels were connected and a parallel line was set at the March low level. This revealed a channel up pattern, which could have a significant role in the future.
Daily Candle Chart
Long sentiment remains intact
Since Friday, the sentiment on the Swiss Foreign Exchange was bullish, as 68% of open position volume was long. On Tuesday, the sentiment became 67% long.
Note that the gold sentiment is largely bullish at all times due to long term holders.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 68% to buy the metal.