On Wednesday, note the Final US Quarterly GDP data. The data release might cause minor reactions on the chart.
Later on the same day, at 13:00 GMT, the heads of the ECB, Bank of England and the Fed are set to speak at a panel titled "Policy Panel."
XAU/USD short-term forecast
If the support levels hold, a potential recovery of the commodity price might occur. A move higher could encounter resistance in the combination of the 1,830.00 level and the 50 and 100-hour simple moving averages. Higher above, note the descending trend line and the 200-hour simple moving average.
However, a move below the recent low levels might look for support in the 1,816.90/1,823.50 zone, before reaching the 1,800.00 mark.
XAU/USD daily charts review
On the daily candle chart, the price has encountered resistance in the form of the 50 and 200-day simple moving averages.Daily Candle Chart
Traders are long
On Monday, the sentiment on the Swiss Foreign Exchange was 64% bullish. Namely, 64% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 79% to buy the precious metal.
On Tuesday, the open positions were 64% long and orders were 67% to buy.