Since the Friday's surge, the yellow metal's price has been trading below the resistance of the 1,845.00 level. On Tuesday, the metal's price was being approached from below by the 55-hour simple moving average.
Economic Calendar Analysis
The metal's price could move due to the US CPI on Wednesday at 12:30 GMT.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the metal's price, as it impacts the US Dollar's value.
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
If the 55-hour simple moving average manages to provide enough support for the metal's price to surge above the 1,845.00 level, the price could find resistance in the 1,850.00 level and the February high level at 1,855.00.
On the other hand, if the SMA fails to push the price up, the bullion could decline to the 100-hour simple moving average near 1,815.00.
Hourly Chart
XAU/USD daily charts review
On the daily chart, the yellow metal's price is heading to the resistance of the 200-day simple moving average at 1,850.00.Daily Candle Chart
Traders are long on gold
On Tuesday, the sentiment on the Swiss Foreign Exchange was 56% bullish, as 56% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 81% to buy the metal.