On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
If the price for gold extends its recovery, resistance might be found in the 1,760.00 mark and the 50-hour simple moving average, as the round price level acted as support during the middle of this week. Higher above, note the zone above 1,770.00, which acted as resistance on Tuesday and Wednesday.
In the case of a decline, the rate would have to pass the 1,730.00 level, before approaching the support of the 1,700.00 mark.
XAU/USD daily charts review
On the daily candle chart, historical support zones and low levels can be observed, as they are marked.Daily Candle Chart
Traders are long
On Thursday, 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 56% to buy the precious metal.
On Wednesday, traders were still 70% bullish and pending orders were balanced. 50% of orders were to buy and to sell the metal.