At 13:45 GMT, the US Flash Services PMIs could impact the rate through an adjustment in the value of the US Dollar.
On Thursday, at 12:30 GMT the US quarterly Preliminary GDP data is set to cause a move in the US Dollar and all of financial markets.
XAU/USD short-term forecast
If the commodity price continues to decline, the 1,710.00/1,715.00 zone is expected to act as support, prior to the metal reaching the 1,700.00 mark.
On the other hand, a potential recovery of the commodity could result in the rate testing the 1,745.00/1,755.00 as a resistance zone. In addition, note the approaching 50 and 100-hour simple moving averages near 1,750.00 and 1,760.00.
XAU/USD daily charts review
On the daily candle chart, the price appears to have bounced off the May and June low level zone, which has turned from support into resistance. In regards to the future, note the 2021 and 2022 low level zone at 1,675.00/1,680.00.Daily Candle Chart
Traders are long
On Monday, the sentiment on the Swiss Foreign Exchange was 63% bullish. Namely, 63% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 62% to sell the precious metal.