Meanwhile, the July high level zone has been marked on the chart. The zone provided resistance on Thursday and caused the most recent retracement back down. Economic Calendar Analysis
Next week, on Monday, the US ISM Manufacturing PMI could cause a move.
On Wednesday, at 14:00 GMT, the US ISM Non-Manufacturing PMIs is set to be released.
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
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
If the price passes the resistance zone of the July high levels, eventually the metal could aim at the 1,850.00 mark. However, round price levels could slow down the surge.
However, a decline below the support zone near 1,825.00 could look for additional support in the 55, 100 and 200-hour simple moving averages at 1,815.00 and near 1,808.00.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the price has passed the resistance of the 200-day simple moving average near 1,820.00. However, on Friday, the rate encountered the resistance of the 55-dya SMA near 1,833.00.In addition, take into account that a 38.20% Fibonacci retracement level at 1,837.43 could provide resistance.
Daily Candle Chart
Traders reduce long sentiment
Since Wednesday, the sentiment on the Swiss Foreign Exchange was 59% long. Namely, 59% of open position volume was in long positions.
On Friday, the sentiment changed, as 56% of volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 60% to buy gold.
Previously, 56% of orders were to sell.