On Thursday morning, the XAU/USD exchange rate reached the 1,720.00 level.
It is likely that yellow metal could gain support from the 55-, 100- and 200-hour moving averages and trade upwards in the short run.
On Friday, the US ISM Manufacturing PMI is scheduled to be published at 14:00 GMT.
The week's notable scheduled events are set to start on Tuesday with the US ISM Non-Manufacturing PMI at 14:00 GMT. In addition, a minor move could be caused by the ADP Non-Farm Employment Change.
The week will end with the combined employment data release from the United States on Friday at 12:30 GMT.
04.05-08.05 Event Historical Reactions
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate tried to surpass the 100-hour SMA near 1,715.00. During Thursday morning, the rate broke the given moving average.
On the one hand, it is likely that some upside potential could prevail in the market, and the price for gold could target the psychological level at 1,730.00.
On the other hand, the rate could reverse south from the 1,720.00 level. Note that yellow metal could gain support from the 55– and 200-hour SMAs, as well the monthly R1 in the 1,705.00 area. If the given support holds, it is likely that gold could consolidate against the Greenback in the short term.
Hourly Chart
On the daily candle chart, the metal's price has passed the support of the rising wedge pattern. In theory, the metal should drop.
However, the price is kept up by the 1,700.00 level. In addition, a decline could find support in 1,650.00.
Daily Candle
Traders are neutral on gold
On Thursday, the Swiss Foreign Exchange sentiment was 53% long.