This week, the top event will be the FOMC Meeting Minutes publication on Wednesday at 18:00 GMT. The Meeting Minutes will reveal additional details into the US monetary policy.
On Thursday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT, the US Unemployment Claims at 12:30 GMT and the ISM Services PMI together with the JOLTS Job Openings at 14:00 GMT. These data sets will provide a first look at the US labour market situation, before the official data is released on Friday.
On Friday, at 12:30 GMT, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released by the Bureau of Labor Statistics.
XAU/USD short-term forecast
A move above 1,930.00 could be stopped by the 1,932.25 level that acted as resistance during the previous week. Higher above, note the 1,940.00 level's resistance.
On the other hand, a potential decline of the commodity price might be supported by the 1,925.00 and 1,920.00 levels and the 50, 100 and 200-hour simple moving averages, before the 1,910.25 level would be reached.
XAU/USD daily charts review
On the daily candle chart, the metal has found additional support in the 200-day simple moving average. Meanwhile, note that the 1,880.00 level has been marked on the chart, as it has impacted the commodity price during the last couple of years.Meanwhile, resistance is being provided by the 50 and 100-day simple moving averages near 1,965.00. In addition, the 1,955.00/1,965.00 range was expected to act as resistance.
Daily Candle Chart
Gold traders are long
On Monday, gold traders were bullish, as 60% of open positions were long.
Meanwhile, pending trade orders in the 1000 point range around the current price were 54% to sell the metal.