In addition, the price had passed the support of the 55, 100 and 200-hour simple moving averages. Economic Calendar Analysis
There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the US Dollar and the price for gold.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
In the near term future, the price was heading to the support zone at 1,888.20/1,889.40. This zone consists of late May low levels, which kept the commodity price up. Moreover, this zone provided resistance on May 19 and 21.
If the support zone holds, the price could once again reach for the 1,910.00 level and attempt to pass it. On its way up, the price would most likely encounter some resistance in the 55, 100 and 200-hour simple moving averages.
On the other hand, a potential decline would most likely look for support in round price levels.
Hourly Chart
XAU/USD daily charts review
The yellow metal continues to edge higher. On the daily candle chart, a 23.60% Fibonacci retracement level could provide resistance at 1,928.61.Daily Candle Chart
Traders are bearish
Since Tuesday, the sentiment on the Swiss Foreign Exchange was been 54% bearish, as 54% of open position volume was short.
On Thursday, traders became 53% bearish.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 88% to buy the metal.