However, a recovery followed, which reached the resistance of the 1,810.00 level on Monday morning.
Economic Calendar Analysis
On Monday at 15:00, the US ISM Services Purchasing Managers Index might impact the US Dollar's value.
On Friday, the US Producers Price Index and Core Producers Price Index are set to reveal inflation changes in the United States at the production level. In general, it is assumed that producer level inflation is followed afterwards by consumer level inflation, which the US policymakers want to reduce.
XAU/USD short-term forecast
A decline of the price for gold might look for support in the 1,794.00/1,795.85 and 1,785.20/1,786.30 zones. In addition, note the 50 and 100-hour simple moving averages near 1,795.00 and 1,780.00.
On the other hand, a resumption of the surge of the price for gold would have to once again pass the 1,803.30/1,804.50 zone, prior to testing the 1,810.00 level.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the resistance of the 200-day simple moving average and is testing the 1,787.05/1,808.15 zone. The zone acted as support in the first half of 2022 and as resistance in August.Daily Candle Chart
Traders are long on gold
On Monday, the sentiment on the Swiss Foreign Exchange was 55% bullish. Namely, 55% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 83% to buy the precious metal.
On Friday, the open positions were 54% long and orders were 67% to sell.