At 15:00 GMT on Tuesday, the US Institute for Supply Management Purchasing Managers Index survey results for the Manufacturing sector will reveal the outlook of the managers in the economy sector on the near term future.
On Wednesday, at 13:15 GMT the ADP Non-Farm Employment change might create a move on all assets and pairs that are traded against the US Dollar.
On Thursday, the US Unemployment Claims might create a minor move of the USD at 13:30 GMT. Later on, expect the US ISM Services PMI to impact the USD at 15:00 GMT.
The week's most notable event will close the week. Namely, on Friday, at 13:30 GMT the US Employment data sets are set to be published. The release will consist of three numbers - the Average Hourly Earnings change month-on-month, the Non-Farm Employment Change during the month and the Unemployment Rate in February.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the commodity price continues to surge, it might encounter resistance in the 1,930.00 mark, which reversed the early Monday's surge. Higher above, other round price levels could act as resistance, before reaching the last week's high level at 1,975.00.
Meanwhile, a potential decline would have to pass the support of the 100-hour simple moving average, before approaching the 1,900.00 mark. Note that the 1,900.00 mark is being strengthened by the 50 and 200-hour simple moving averages.
XAU/USD daily charts review
On the daily candle chart, metal traded in a massive scale triangle pattern. The triangle was broken via a break-out to the upside.The recent Russian invasion surge of the metal's price passed above the 2020 November and December high levels, which confirms that the high level cone can be passed. Meanwhile, the 2021 November and previous 2022 February high level zone acted as support during the February 23 trading session.
Daily Candle Chart
Traders are short on gold
On Tuesday, the sentiment on the Swiss Foreign Exchange was 65% bearish, as 65% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 53% to buy the precious metal.
On Monday, sentiment was 64% bearish and orders were balanced, as 50% were to buy and sell gold.