During the middle of Wednesday's trading, at 12:30 GMT, the US Producers Price Index data will reveal how prices have changed at the production level. Most likely, the USD is set to move due to the release.
On Thursday, 12:30 GMT, the US Retail Sales data and weekly Unemployment Claims are scheduled to impact the value of the US Dollar.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
Due to the breaking of the 1,970.00 mark, from a technical analysis perspective, the price for gold should continue to gain. Most likely, round price levels are set to slow down a potential surge, until the 2,000.00 mark is reached.
However, a decline of the metal is bound to look for support in the 1,960.00 and 1,950.00 levels and the 50-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, the metal's price appears to be pushed up by the 50-day simple moving average.Daily Candle Chart
Traders set up buy orders
On Monday, the sentiment on the Swiss Foreign Exchange was neutral, as 53% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 92% to buy the precious metal.
On Tuesday, 54% of volume was long and pending orders were 53% to buy.