On Thursday, minor USD moves could occur due to the ADP Non-Farm Employment Change at 12:15 GMT and the US Unemployment Claims at 12:30 GMT. Minor moves are usually around ten to fifteen base points.
On Friday, one of the top events of the whole market will occur. Namely, the release of the US employment data at 12:30 is set to shake up the market. The release will consist of the US Unemployment Rate, Average Hourly Earnings Change and the Non-Farm Employment Change.
XAU/USD short-term forecast
If the commodity price surges above the 50, 100 and 200-hour simple moving averages and the 1,850.00 mark, the rate could reach for the resistance of the 1,865.00/1,870.00 zone.
On the other hand, a bounce off from 1,850.00 is highly likely set to to look for support in the 1,830.00 mark, prior to reaching the 1,810.00 level.
XAU/USD daily charts review
On the daily candle chart, the price has broken the resistance of the 200-day simple moving average, which strengthened the 1,850.00 mark.Meanwhile, note that the metal confirmed the location of the lower trend line of the channel down pattern below the 1,800.00 level. In theory, the price should approach the zone that surrounds the 1,900.00 level.
Daily Candle Chart
Situation is unchanged
Since the previous Wednesday, the sentiment on the Swiss Foreign Exchange was 64% bullish. Namely, 64% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 63% to buy the precious metal.