On Tuesday, the US Prelim Nonfarm Productivity release at 12:30 GMT could cause a minor move on USD pairs. However, note that during most times the event does not cause an increase of volatility.
On Wednesday, at 12:30 GMT, the US Core Consumer Price Index is bound to cause USD volatility, which could impact the commodity.
Afterwards, on Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
XAU/USD short-term forecast
The exchange rate could continue to edge higher during the following trading session. The potential target for buyers will be near the 55– hour simple moving average at 1792.4.
Though, bullish traders are likely to encounter resistance near the 1760.00 level within Monday's trading session.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the fundamental move up managed to pierce a four-month low level at 1685.3 during the Asian session on Monday.Given that the XAU/USD exchange rate has rebounded from the four months low, buyers are likely to drive the commodity higher during this week's trading session. The potential target for bullish traders will be near the 55- day simple moving average at 1824.00.
However, the yellow metal could encounter resistance near the 1760.00 area within this week's trading sessions.
Daily Candle Chart
Traders are bullish on gold
On Friday, the sentiment on the Swiss Foreign Exchange was 55% long.
On Monday, the market sentiment changed, as 58% of the volume was long.
Meanwhile, in the 1000-pip range around the metal's price, the pending orders were 75% to sell the precious metal.