Although, on Monday morning the rate retraced down to the 1,530.00 level.
Economic Calendar Analysis
On Monday, at 12:30 GMT the US Durable Goods Orders and Core Durable Goods Orders data will impact the pair.
On Thursday, at 12:30 GMT the US Preliminary GDP is scheduled to be published.
XAU/USD short-term forecast
On Friday, the XAU/USD exchange rate skyrocketed to the psychological level at 1,550.00. During today's morning, the rate declined to the 1,535.00 level.
On the one hand, yellow metal could depreciate against the US Dollar within the following trading hours. But it is unlikely, that the price for gold could drop lower than the 1,510.00 mark due to the support of the 55-, 100– and 200-hour SMAs.
Also, note, that the exchange rate has to surpass the monthly R3 located at the 1,521.59 mark. If the given level holds, it is expected, that a reversal north could occur in the nearest future.
Hourly Chart
On the daily candle chart the sudden surge did not pierce the upper trend line of the ascending channel pattern.
Daily Chart
Traders become long
On Monday, 70% of trader open position volume on the Swiss Foreign Exchange was in long positions.
Last week traders were shorting the pair. The short position have profited.
Meanwhile, in the 1000 base point range around the current metal's price the orders were neutral - 51% were set to sell, and 49% of orders were to buy.