Next week, on Wednesday, the US ISM Services PMI at 14:00 GMT might impact the pair through the value of the US Dollar.
On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
The retracement down of the commodity price might look for support in the 1,743.85/1,752.60 zone. In addition, note the 50-hour simple moving average at 1,745.00. Further below, note the 1,735.00 and 1,740.00 levels, which have acted as both support and resistance.
On the other hand, a recovery of the bullion would encounter resistance in round price levels and the resistance zones above 1,770.00 and near 1,785.00.
XAU/USD daily charts review
On the daily candle chart, the price for gold might encounter resistance in the combination of the 50-day simple moving average the upper trend line of the channel down pattern and the 1,800.00 mark.Daily Candle Chart
Traders are mostly long on gold
On Thursday, the sentiment on the Swiss Foreign Exchange was 70% bullish. Namely, 70% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 53% to buy the precious metal.
On Friday, open positions were 68% long and pending orders were 84% to sell.