The prior potential scenario descriptions remain valid. Economic Calendar Analysis
Next week, notable events start on Tuesday. At 14:00 GMT, the ISM Manufacturing PMI data is set to be published and might impact the US Dollar.
On Wednesday, at 14:00 GMT, the US JOLTS Job Openings could impact the market via an adjustment of the value of the US Dollar.
On Thursday, at 12:15 GMT, the ADP Non-farm Employment Change might cause a move.
However, the top employment data publication of them all will happen on Friday. At 12:30 GMT, the US official monthly employment data sets will be published.
XAU/USD short-term forecast
A breaking above the 2,530.00 level is expected to be slowed down by round price levels, as the price has never been this high.
In the meantime, a decline of the price is set to look for support in the 2,500.00 level. Meanwhile, the rate has easily passed the combination of the 50 and 100-hour simple moving averages at 2,515.00 and the 200-hour SMA at 2,510.00.
XAU/USD daily charts review
On the daily candle chart, the metal found support in the 50 and 100-day simple moving averages, which have been the cause of the resumed surge of the price.Daily Candle Chart
Traders are still short
On Friday, 73% of volume was in short positions. Meanwhile, in the 1000 point range around the latest price, the pending orders were 70% to sell the metal.
On Thursday, traders were 72% short and orders were 58% to sell.