Economic Calendar Analysis
On Tuesday, at 12:30 GMT, the US Core Retail Sales and US Retail Sales are expected to be released. The Retail Sales have caused moves from 9.4 to 19.3 pips since January. The RS has moved the EUR/USD from 9.4 to 19.4 pips during this year.
On Wednesday, the top event of the week would occur. At 18:00 GMT, the US FOMC Meeting Minutes could cause a move from 10.8 to 54.3, as it had done since November 2020.
On Thursday, the US Unemployment Claims could cause a move from 5.9 to 28.8 pips.
XAU/USD short-term forecast
Everything being equal, the XAU/USD exchange rate is likely to continue to edge higher in an ascending channel pattern during the following trading session. The potential target for bulls will be near the 1820.00 level.
However, bullish traders might encounter resistance at 1800.00 within Monday's trading session.
XAU/USD daily charts review
On the Daily time-frame chart, the yellow metal showed strong bullish momentum. Most likely, the XAU/USD pair could target the 1900.00 level during the coming days.However, the metal could find resistance near the 55-, 100 the 200-day simple moving averages at 1.815.65.
Daily Candle Chart
Buy order amount reduces
Since Friday, the sentiment on the Swiss Foreign Exchange was 69% bullish, as 68% of open position volume was long.
On Monday, in the 1000-pip range around the metal's price the pending orders were 78% to buy the metal.