Meanwhile, the price had passed the supporting line of the previously broken channel up pattern. In addition, note that previous week's support levels have been marked on the chart.
Economic Calendar Analysis
On Wednesday, at 12:30 GMT, the US Durable Goods Orders and Core Durable Goods Orders change data will be published.
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD.
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
If the metal continues to decline, it would have to clearly pass the support of the 200-hour simple moving average at 1,785.70. Afterwards, the October 21 low levels at 1,766.60/1,779.20 zone might act as support.
Meanwhile, a potential surge of the metal's price might find resistance in the 55 and 100-hour simple moving averages at 1,792.76 and the 1,800.00 level.
XAU/USD daily charts review
On the daily candle chart, the yellow metal's price has broken and passed the resistance of the 100 and 200-day simple moving averages near 1,793.00.In the meantime, a channel up pattern was spotted, which has guided the price since late September. If the pattern holds, the price could return to the 1,830.00 mark.
Daily Candle Chart
Traders are almost neutral
On Friday, the sentiment on the Swiss Foreign Exchange was 55% bullish, as 55% of open position volume was in long positions.
Since Monday, the sentiment was 53% long. Traders had closed long positions.
Meanwhile, on Tuesday, in the 1000-pip range around the metal's price pending trade orders were 80% to buy the precious metal.
The orders were 53% to buy on Monday.