On Tuesday, the US ISM Services Purchasing Managers Index release at 14:00 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 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
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 case that the price gains enough support from the lower trend line of the channel up pattern and possibly the 55-hour simple moving average it could reach the resistance of the 1,800.00 mark.
On the other hand, a potential decline below the 55-hour SMA and the pattern's lower trend line would most likely look for support in the 100 and 200-hour simple moving averages near 1,775.00.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the fundamental move up managed to pierce the resistance of the 100-day simple moving average, which has been keeping the price down since June 18.Daily Candle Chart
Traders are long on gold
Since previous Monday, the sentiment on the Swiss Foreign Exchange was 68% bullish, as 68% of open position volume was long.
This week, the open position volume was 69% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 68% to buy the metal.