By the middle of Monday's European trading hours, the yellow metal's price had reached the 1,790.00 level. Since passing the 1,750.00 level on Thursday, the price had been gradually climbing.
In the near term future, the surge was expected to test the resistance of the 1,800.00 mark.
There are no events expected during the upcoming week that could impact the price of gold.
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XAU/USD short-term forecast
If the metal manages to pass the 1,800.00 level, the price could extend its surge to the 1.815.00 level. The 1,815.00 level provided the price with resistance during the second part of March.
On the other hand, in the case of a decline, the metal's price would look for support in the lower trend line of a channel up pattern and the 55-hour simple moving average.
Hourly Chart
On the daily chart, the rate has passed the resistance of the 55-day simple moving average. Previously, the SMA started to strengthen the resistance of the 50.00% Fibonacci retracement level of the 2020 low and high levels at 1,763.74.
Meanwhile, note that the 1,800.00 level was being strengthened by the resistance of the 100-day simple moving average.
Daily Candle Chart
Traders remain long
Since Friday, the sentiment on the Swiss Foreign Exchange was bullish, as 62% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 80% to buy the metal.