This week, on Tuesday the release of the US CB Consumer Confidence and JOLTS Job Openings data at 14:00 GMT might impact the financial markets through the value of the US Dollar.
On Thursday, at 14:00 GMT, the US ISM Manufacturing Purchasing Managers Index could cause a market adjustment.
The top event of the week is scheduled for Friday, at 12:30 GMT. At that time, the US Unemployment Rate, Non-farm Employment Change and the Average Hourly Earnings are set to be published.
XAU/USD short-term forecast
A passing below 1,720.00 might look for support in the 1,710.00/1,715.00 zone. The zone captures the late July low levels. Further below, the 1,700.00 mark is expected to act as support. The round price level kept the rate up during early July.
Meanwhile, a potential surge of the commodity price might encounter resistance in the 1,750.00 level and the 50, 100 and 200-hour simple moving averages. Higher above, note the resistance of the 1,765.10 level.
XAU/USD daily charts review
On the daily candle chart, the price appears to have bounced off the May and June low level zone, which has turned from support into resistance. In regards to the future, note the 2021 and 2022 low level zone at 1,675.00/1,680.00.On August 24, it was spotted that the price for gold has been encountering resistance in the 2021 October, November and December low levels, which are being strengthened by the 50-day simple moving average.
Daily Candle Chart
Traders are bullish on gold
On Monday, the sentiment on the Swiss Foreign Exchange was 67% bullish. Namely, 67% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 53% to buy the precious metal.