At 14:00 GMT, the Job Openings and Labor Turnover Survey results were published. It revealed that in the United States instead of 9.49 million job openings there are only reportedly 8.83 million jobs available.
Due to the news, the US Dollar plummeted in value. Over the span of five minutes the Dollar index lost 0.38% or almost 40 base points. The decline was attributed to the fact that weak US economic data indicates that the US Federal Reserve would not need to tighten monetary policy as much as previously expected.
Due to the Dollar's weakness, the price for gold jumped above the resistance zone of 1,930.00/1,932.25. By 15:00 the zone appeared to have turned into support in gold's attempt to reach 1,940.00. Economic Calendar Analysis
On Wednesday, the US ADP Non-farm Employment Change number could impact the US Dollar's value at 12:15 GMT. However, more impact might be caused by the US Preliminary GDP publication at 12:30 GMT.
On Thursday, the US Core PCE Price Index should cause a USD move. Although, the head of the Federal Reserve Jerome Powell has already commented on the data during the Jackson Hole symposium. Due to this reason there might be no currency adjustment.
On Friday, the US monthly employment data will be released at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
In addition, also on Friday, note the US Institute for Supply Management Manufacturing Purchasing Managers Index release at 14:00 GMT.
XAU/USD short-term forecast
The price is set to test the combined resistance of the upper trend line of the channel pattern that has guided the price up since August 20 and the 1,940.00 mark. The 1,940.00 level has acted as support and resistance during 2023. A move above these levels could eventually reach the 1,950.00 mark.
On the other hand, a decline of the commodity price is expected to look for support in the 1,930.00/1,932.25 range, before reaching the support of the 1,925.00 level and the 1,920.25/1,923.00 range.
XAU/USD daily charts review
On the daily candle chart, the metal has moved back above the 1,900.00/1,915.00 range. This range could turn into support. Meanwhile, take into account the combination of the 50 and 200-day simple moving averages near 1,935.00. These levels could act as additional resistance.Daily Candle Chart
Gold traders are mostly long
On Monday the Swiss Foreign Exchange, traders are 71% bullish on gold, as that proportion of open Gold positions are long.
In the meantime, pending orders in the 1000 point range around the current price are 54% to buy.
On Tuesday, traders were 69% long and orders 79% to sell the metal.