During today's morning, the XAU/USD exchange rate made a reversal south. Note that yellow metal could gain support of the 55-, 100- and 200-hour SMAs.
Economic Calendar Analysis
This week there are a couple of US data releases on the economic calendars that are shown as high impact.
Today, the US ADP Non-Farm Employment Change will be published at 12:15 GMT.
On Friday, US employment data will be published. The event will have three numbers being revealed – the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
XAU/USD short-term forecast
During the previous trading session, the XAU/USD exchange rate tested the psychological level at 1,555.00. During Thursday morning, the rate was trading at 1,550.00 mark.
Note that yellow metal is supported by the 55-, 100- and 200-hour moving averages, currently located in the 1,534.24/1,540.83 range. Thus, it is likely that some upside potential could prevail in the market.
However, if the given psychological level holds, it is expected that gold could trade sideways against the Greenback within the following trading session.
Hourly Chart
On the daily candle chart, the recent surge did not pierce the upper trend line of the ascending channel pattern.
Note that the exchange rate has been testing the 1,550.00 level since the second half of August.
Daily Chart
Swiss traders remain short
On Thursday, 68% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were strongly bearish – 100% of orders were to sell.