There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the US Dollar and the price for gold.
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 near term future, the metal could gain support from the 55 and 100-hour simple moving averages and extend the surge. A potential target for the surge could be the 1,960.00 mark, which reversed the early 2021 surge. However, note that round price levels are bound to slow down a surge.
On the other hand, the yellow metal could pass the support of the 55 and 100-hour simple moving averages. A potential decline could reach for the support of the 200-hour simple moving average near 1,890.00 and the support zone below that level.
Hourly Chart
XAU/USD daily charts review
The yellow metal continues to gradually edge higher. On the daily candle chart, a 23.60% Fibonacci retracement level could provide resistance at 1,928.61.Daily Candle Chart
Traders are bearish
On Tuesday, the sentiment on the Swiss Foreign Exchange was been 54% bearish, as 54% of open position volume was short.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 66% to buy the metal.