On Monday morning, the yellow metal's price continued to surge, as it reached for the 1,745.00 level.
After touching the mentioned level, the rate retreated back to the support of the 1,730.00 level. At that level it met with the 200 and 55-hour simple moving averages.
Traditionally, the first week of the month is busy on the economic calendar.
On Monday, June 1, the Institute for Supply Management will release the US ISM Manufacturing PMI survey results at 14:00 GMT.
On Wednesday, June 3, two macroeconomic events from the US are expected: the ADP Non-Farm Employment Change at 12:15 GMT and the ISM Non-manufacturing PMI at 14:00 GMT.
The week will end with the US data set release on Friday 12:30 GMT.
XAU/USD short-term forecast
During Monday morning, the rate touched 1,745.00.
It is likely that yellow metal could gain support from the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,720.00/1,730.00 range. Thus, the rate could go upwards in the short term.
However, if the exchange rate fails to exceed the 1,745.00 level, it is likely that gold could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, note that the high levels of August 26, February 21, March 9 and April high levels can be connected in a resistance trend line.
Meanwhile, the daily simple moving averages remain below the commodity price and below the 1,700.00 mark.
Daily Candle
Traders go long on gold
Since Thursday, trader open position volume on the Swiss Foreign Exchange was 54% long.
On Monday, the situation slightly changed, as 55% of open volume was in bullish positions.