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 continuation of the surge of the commodity was expected to encounter resistance in the 1.710.00/1,715.00 zone and the 100-hour simple moving average. Higher above, take into account round price levels and the 200-hour simple moving average near 1,730.00.
On the other hand, a resumption of the larger scale decline might look for support in the 1,700.00 mark, the 1,690.00 level and potentially other round price level. Further below, the 2021 low level at 1,670.50 is expected to impact the metal.
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 Friday, the sentiment on the Swiss Foreign Exchange was 68% bullish. Namely, 68% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 64% to sell the precious metal.
On Thursday, positions were 67% long and pending orders were 75% to buy.