However, take into account that this week, the moves in the financial markets are fundamental, as everyone is waiting for the Wednesday's US Federal Reserve rate hike. Economic Calendar Analysis
On Tuesday, at 12:30 GMT, the US Producer Price Index data will be out. Expect minor moves on USD charts.
On Wednesday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data might cause USD moves.
The top event of the quarter is scheduled for 18:00 GMT. At that time, the US Federal Reserve will releases its FOMC Statement and FOMC Economic Projections and the Federal Funds Rate.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the price continues to decline by moving below the 1,950.00 mark, the 1,920.00 and 1,900.00 levels are expected to act as support just like they did in early March.
On the other hand, a surge of the metal could encounter resistance in the zone that surrounds the 1,975.00 mark, the upper trend line of the channel down pattern and the 50 and 200-hour simple moving averages. Higher above, note the 2,000.00 level and the 100-hour SMA.
XAU/USD daily charts review
On the daily candle chart, the metal's price is approaching the trend line, which connects the February and March low levels. Previously, the trend line was part of a channel up pattern, which was broken.Daily Candle Chart
Traders are slightly bearish
On Monday, the sentiment on the Swiss Foreign Exchange was 57% bearish, as 57% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 77% to buy the precious metal.