For example, the 1,760.00, 1,790.00 and 1,770.00 levels have been acting as support and resistance levels. In the meantime, the rate confirmed the 1,800.00 mark as resistance.
Economic Calendar Analysis
At 13:45 GMT, on Wednesday, Markit is set to publish the US Manufacturing and Services PMIs.
On Thursday, the US Final quarterly GDP and weekly Unemployment Claims are scheduled for 12:30 GMT.
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
In the case of a potential surge, the price would have to pass the resistance of the 1,790.00 level and the 1,800.00 mark. By reaching above these levels, the price could potentially reach for the 1,840.00 level and the 200-hour simple moving average just below it.
On the other hand, a decline would look for support in the mentioned 1,760.00 and 1,770.00 levels before reaching the 1,750.00 mark.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the metal has reached the support of the 50.00% Fibonacci retracement level near 1,760.00.Daily Candle Chart
Traders are long on gold
On Tuesday, the sentiment on the Swiss Foreign Exchange were 67% bullish, as 67% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 75% to buy the metal.