The XAU/USD exchange rate failed to surpass the psychological level at 1,810.00.
During Monday morning, the rate resumed to test the given level.
Economic Calendar Analysis
This week, data releases are scheduled to start on Tuesday. The US CPI data sets have not caused notable moves. Normal volatility remains intact during the announcement.
On Thursday, there will be the publication of the US Retail Sales and Unemployment Claims at 12:30 GMT.
For more information read the weekly event review article by clicking on the link below.
XAU/USD short-term forecast
At the previous trading session, the XAU/USD exchange rate re-tested the 100-hour SMA near 1,800.00. During today's morning, the rate was testing the 1,810.00 level.
It is likely that yellow metal could gain support from the 55-hour moving average near 1,805.00 and extend gains against the US Dollar in the short run. Note that the nearest resistance level is the monthly R1 at 1,821.43.
However, if the exchange rate fails to exceed the 1,810.00 mark, it is likely that the price for gold could trade sideways within the following trading session.
Hourly Chart
On the daily candle chart, gold is likely to gain support at the 1,796.00 level.
Meanwhile, note that the rate could be pressured by a trend line was drawn by connecting the 2019 and 2020 high levels.
Daily Candle Chart
Short sentiment grows
On Monday, on the Swiss Foreign Exchange the sentiment was bearish, as of total open position volume 63% was short.
Meanwhile, in the 1000-pip range around the current metal's price the orders were 63% to buy.