On Monday, the price was making its second attempt to reach above the 2,340.00 level. Meanwhile, the price ignored the 50, 100 and 200-hour simple moving averages. Economic Calendar Analysis
Monday's top event was the US ISM Manufacturing PMI release at 14:00 GMT. The markets are taking in the data and adjusting to the reveal. Results are worse than expected, which is causing a decline of the US Dollar.
On Tuesday, at 14:00 GMT, the JOLTS Job Opening data will reveal how many jobs are available in the United States. The data will impact the markets through the value of the US Dollar.
Throughout Wednesday, there will be a number of releases that could cause a Dollar move. At 12:15 GMT ADP Non-Farm Employment Change will be published. At 12:30 GMT, the weekly Unemployment Claims might cause a move. At 14:00 GMT, the ISM Services PMI is set to be published. The day will end with the release of the US Federal Reserve Federal Open Markets Committee Meeting Minutes at 18:00 GMT.
On Friday, the top event of the week will take place. At 12:30 GMT, the United States employment data sets will be published. This release is most certainly going to create volatility.
XAU/USD short-term forecast
A move above 2,340.00 is expected to face resistance in other round price levels. In mid-June, resistance was provided by the 2,345.00, 2,350.00 and 2,365.00 levels.
A potential decline of the price is expected to find support in 2,320.00. This level was showing to be capable of reversing short term declines.
XAU/USD daily charts review
On the daily candle chart, note the additional support from the approaching 100-day simple moving average near 2,300.00. In the meantime, the 50-day SMA appears to have turned into resistance. This situation could return into a squeeze that would be then followed by a sharp break-out move.Daily Candle Chart
Traders are short
Since last week, traders were 59% short, as that proportion of all open position volume was in bearish positions.
In the meantime, pending orders in the 1000-point range around the current pair orders were 70% to sell.