On Friday, at 12:30 GMT, the US employment data will impact the USD and all rates that involve it. The release will consist of the US Average Hourly Earnings change, Non-Farm Employment Change and the official Unemployment Rate.
Next week, watch out for the US Consumer Price Index at 12:30 GMT. The inflation data will reveal whether the Fed is managing to fight inflation or not.
On August 11, the markets will look at the UK GDP for signs of recession at 06:00 GMT and the US Producer Price Index at 12:30 GMT to analyse potential consumer price increases in the future.
XAU/USD short-term forecast
In the case of the metal passing below the support zone at 1,930.50/1,932.10 the descent could be slowed down by the lower trend line of a broad channel down pattern, which has been recently spotted and marked. Meanwhile, note that the 1,925.00 level might act as support, before the price reaches the low level zone at 1,920.30/1,922.60.
On the other hand, a potential recovery of the metal could be stopped by the 1,940.00 mark, the 1,942.50/1,943.40 range and the approaching 50-hour simple moving average. Higher above, note the 1,950.00 mark and the 100-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, in early July, the metal has passed below the support of the 50-day simple moving average. Next support on this chart is the 200-day SMA near 1,925.00, which caused the July surge of the commodity price.Daily Candle Chart
Gold traders go long
On the Swiss Foreign Exchange, traders are 53% 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 50% to buy and sell.
On Friday, traders were 55% long and orders were 62% to buy.