On Wednesday, the US ISM Services PMI at 14:00 GMT might impact the pair through the value of the US Dollar.
On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
In the case of a surge of the price above 1,780.00 gold might encounter resistance in the 1,784.10/1,785.00 resistance zone and the 1,786.65 level.
On the other hand, a decline of the metal might find support in the 50-hour simple moving average near 1,767.50, prior to looking for support in 1,765.00 and 1,760.00 levels.
XAU/USD daily charts review
On the daily candle chart, the price for gold might encounter resistance in the 50-day simple moving average near 1,790.00. Higher above, note the upper trend line of a channel down pattern and the 1,800.00 mark.Daily Candle Chart
Long sentiment declines
On Tuesday, 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 88% to sell the precious metal.
During the middle of Monday's trading, the positions were 67% long and orders were 80% to sell. Traders have continued to close long positions.