On Tuesday, the yellow metal's price had surged above the support of various technical levels located from 1,720.00 to 1,730.00.
If these levels manage to provide support, another attempt to pass the resistance of the 1,740.00/1,745.00 zone could occur.
In regards to the metal's price during current week, there are a couple of scheduled macroeconomic data releases that could impact it.
First of all, note the US Retail Sales on Tuesday at 12:30 GMT.
On Thursday, the US Unemployment Claims at 12:30 GMT will be discussed by most market participants. However, this release usually causes moves below normal volatility.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate reversed north from the 1,705.00 level. During Tuesday morning, the rate was trading at 1,730.00.
Given that yellow metal is supported by the 55– and 100-hour SMAs, as well the monthly PP, it is likely that some upside potential could prevail in the market.
Meanwhile, note that the exchange rate could face the local resistance in the 1,740.00/1,745.00 area. If the given resistance holds, it is likely that gold could consolidate against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, it can be spotted that a surge in May was stopped by the psychological resistance of the 1,750.00 mark. This level could provide resistance in the case of the 1,740.00 failing to keep the price down.
Daily Candle
Traders remain neutral
On Tuesday, on the Swiss Foreign Exchange 51% of open position volume was in short positions.
On Monday, the sentiment was also neutral, as it was balanced. Half of volume was short and the second half was long.
Meanwhile, in 1000-pip range around the current metal's price the orders were set to buy, as 69% were bullish orders.
The orders were unchanged since Monday.