During the week, noteworthy events start on Tuesday at 15:00 GMT, as at that time the US Institute for Supply Management Services sector Purchasing Managers Index is set to be released.
On Wednesday, at 13:15 GMT the US ADP Non-Farm Employment Change could impact the markets by revealing surprise information about the US job market. In addition, on the same day at 15:00 GMT, the JOLTS Job Opening data will show, how many jobs are open. The data indicates, how active the economy is.
Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
A breaking above 2,090.00 is bound to encounter resistance in the 2,100.00 level. In addition, note previous high levels. Zoom out or look at the daily candle chart to see potential resistance zones.
If the price passes below 2,080.00, round levels are expected to act as support. Meanwhile, note the ascending hourly moving averages near 2,050.00 and 2,060.00.
XAU/USD daily charts review
On the daily candle chart, the metal faces the resistance of the 2,065.25/2,090.00 range. Meanwhile, the daily simple moving averages have been left below 2,050.00.Daily Candle Chart
Gold traders are shorting
On Friday, 62% of Dukascopy traders were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 73% to sell the metal.
On Monday, already 68% of open position volume was in short positions. Moreover, pending orders were 55% to sell.