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 decline of the metal's price could look for support in the 1,915.00 and 1,910.25 levels, before approaching the 1,900.00 and 1,895.00 levels.
However, in the case of a recovery of the price, the commodity would have to break the 1,920.00/1,922.70 range and the 50-hour simple moving average. Higher above, the 1,930.00/1,932.25 range could once again keep the price down.
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 1,960.00/1,970.00. In addition, the 1,955.00/1,965.00 range was expected to act as resistance.
Daily Candle Chart
Gold traders are long
On Thursday, 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 51% to sell the metal.
On Wednesday, the positions were 59% long and orders were 51% to buy.