On Monday, the metal's price began a surge. The surge was caused by the support of the 200-hour simple moving average.
By the middle of Monday's GMT trading hours, the currency exchange rate had reached the 1,785.00 level.
Economic Calendar Analysis
During the week, notable macroeconomic data releases are set to start on Monday at 14:00 GMT. The US ISM Non-Manufacturing PMI is scheduled to be released.
On Thursday, at 12:30 GMT the weekly US Unemployment Claims are set to be released. They could create above average volatility.
On Friday, the US Producer Price Index and US Core Producer Price Index are set to be released. In the recent past they have not caused notable volatility.
Take a look at all of the historical reaction tables by clicking on the link below.
XAU/USD short-term forecast
The target at 1,785.00 of the short term forecast published at 09:35 GMT was already reached by the time the Trading Idea of gold was compiled.
At mid-day, the commodity price had reached above the 1,785.00 level and had no resistance technical resistance. However, the 1,785.00/1,790.00 area provided resistance at the start of the previous week. It is likely that it would also do that throughout this week.
In regards to the near term future, the rate could either consolidate by trading sideways or decline back to the support of the hourly simple moving averages near 1,775.00.
Hourly Chart
On the daily candle chart, the commodity price could soon test the resistance trend line of the 2019 and 2020 high levels above 1,790.00.
Daily Candle
Traders set up buy orders
Since Thursday, on the Swiss Foreign Exchange the sentiment was bearish, as it was 63% short.
Meanwhile, in the 1000-pip range around the current metal's price the orders were 66% to buy.
Previously, the orders were 66% to sell.