In the meantime, note that the price broke the post Russian invasion of Ukraine channel up pattern by starting the weeks trading above the pattern's resistance line. Economic Calendar Analysis
On Thursday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price Index data is set to be released together with the US Unemployment Claims. Namely, all US pairs and assets are expected to react to the news.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the consolidation of the metal's price is followed up by a surge, the metal could encounter resistance in round price levels until a pattern is formed.
Meanwhile, a decline of the price might look for support in the 50-day simple moving average near 1,960.00, the 1,950.00 mark and the 100-day simple moving average near the 1,940.00 level.
XAU/USD daily charts review
On the daily candle chart, the previous high level zones are observed to be acting as support levels. Meanwhile, the surge is still occurring in a large scale channel up pattern since the early February.Daily Candle Chart
Traders set up sell orders
On Monday, the sentiment on the Swiss Foreign Exchange was 66% bearish, as 66% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 75% to sell the precious metal.
On Friday, sentiment was 65% bearish. However, pending orders were balanced