During the week, minor moves could be created by some data releases. Meanwhile, note that the whole financial market continues to adjust to the latest comments made by the Federal Reserve about monetary tightening.
On Tuesday, the US Durable Goods Orders might impact the USD value at 12:30 GMT.
On Thursday, the US Advance GDP is expected to cause USD volatility across the markets at 12:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the price continues to decline, support might be found in the lower trend line of the channel down pattern near 1,870.00. In addition, note that the metal respects the resistance and support of various round levels.
On the other hand, a surge of the commodity price is expected to find resistance in the 50-hour simple moving average and the 1,900.00 level, before approaching the 1,907.50/1,911.30 zone.
XAU/USD daily charts review
On the daily candle chart, the metal's price has passed below the support zone, which surrounds the 1,900.00 mark and the 100-day simple moving average. Next support on the chart is the 200-day simple moving average near 1,840.00.Daily Candle Chart
Traders are long
On Wednesday, the sentiment on the Swiss Foreign Exchange was bullish, as 60% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 68% to buy the precious metal.