Since Friday morning, the price for the yellow metal has recovered almost 3.00%. During early US trading hours, the commodity reached above the last of the hourly moving averages and the 1,810.00 level.
Economic Calendar Analysis
During the week, only the US Preliminary GDP release on Thursday at 13:30 GMT could cause a notable sudden move.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
Despite piercing it, the XAU/USD exchange rate reversed north from the lower boundary of the falling wedge pattern. Namely, after shortly trading below the trend line, the rate returned to the pattern's borders and found support in the line.
In the near term future, it is likely that the rate could trade upwards in the nearest future, as it should target the upper pattern line located in the 1,825.00/1,830.00 range.
Hourly Chart
On the daily candle chart, the rate has tested the support of the November low level of 1,765.30 and a 50.00% Fibonacci retracement level at 1,763.75.
Daily Candle Chart
Traders remain long
On Friday, the sentiment on the Swiss Foreign Exchange was bullish, as 71% of open position volume was long.
On Monday, 70% of volume was long. These positions were assumed to have gained during the recent surge.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 56% to sell the metal.
Previously, the orders were 67% to buy.