Meanwhile, the commodity price was ignoring the 55 and 100-hour simple moving averages that were located between the mentioned zones.
Economic Calendar Analysis
On Wednesday, US Durable Goods Orders release at 12:30 GMT could cause an adjustment in the value of the US Dollar. All the pairs that involve the USD are bound to move.
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
XAU/USD short-term forecast
In the case of a surge above the 1,792.00/1,796.00 zone, the commodity price would almost immediately face the resistance of the 1,800.00 level. Above the 1,800.00 mark, the price could reach for the previous August high levels near 1,830.00.
On the other hand, a potential decline below the support zone of 1,775.00/1,777.00 could look for support in the 200-hour simple moving averages.
XAU/USD daily charts review
On the Daily time-frame chart, the yellow metal trades almost flat below the 1,800.00 mark. Note that the 1,800.00 resistance is expected to be strengthened by the 55, 100 and 200-hour simple moving averages in the 1,801.00/1,811.00 zone.Daily Candle Chart
Traders are long
On Friday, the sentiment on the Swiss Foreign Exchange was 63% bullish, as 63% of open position volume was long.
On Monday, 62% of volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 72% to buy the precious metal.