On Wednesday, at 13:30 GMT, the financial markets might react to the US Durable Goods Orders and Unemployment Claims publication.
Later on, at 14:45 GMT, the Markit Services and Manufacturing Purchasing Managers Indices for the US could cause an adjustment of the US Dollar's value.
The day and the week's notable events will end with the release of the US Federal Reserve FOMC Meeting Minutes at 19:00 GMT. The Meeting Minutes are the protocol of the last US Fed meeting. New details might be in the file.
XAU/USD short-term forecast
In the case of a decline below 1,732.50, the price could find support in the 1,730.00 level, which impacted the metal in September. Further below, round levels might act as support, before the 1,700.00 mark is reached.
Note that the 100-hour simple moving average has reached the 1,745.30/1,749.60 zone. A surge above this zone could encounter resistance in the 1,750.00 mark, before approaching the 200-hour simple moving average near 1,758.00.
XAU/USD daily charts review
On the daily candle chart, the metal has bounced off the resistance of the 200-day simple moving average and the 1,787.05/1,808.15 zone. The commodity price might look for support in the 100-day simple moving average near 1,710.00 and the 1,700.00 mark.Daily Candle Chart
Traders go short
On Wednesday, the sentiment on the Swiss Foreign Exchange was 52% bearish. Namely, 52% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 65% to sell the precious metal.
On Tuesday, open positions were 51% short and pending orders were 65% to sell.