On Friday, the yellow metal continued to trade near the previous day's trading levels. Namely, the pair remained between 1,720 and 1740.00 levels.
However, take into account that the commodity price managed to shortly pass the 1,740.00 level and touch the 1,745.00 mark.
In regards to the metal's price during next week, there are a couple of scheduled macroeconomic data releases that could impact it.
First of all note the US Retail Sales on Tuesday at 12:30 GMT.
On Thursday, the US Unemployment Claims at 12:30 GMT will be discussed by most market participants. However, this release usually causes moves below normal volatility.
XAU/USD short-term forecast
Given that yellow metal is supported by the 55-hour moving average near 1,727.80, it is likely that some upside potential could prevail. In this case the rate could exceed the 1,745.00 mark.
However, if the psychological level at 1,745.00 holds, it is likely that gold could continue to consolidate against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, it can be spotted that a surge in May was stopped by the psychological resistance of the 1,750.00 mark. This level could provide resistance in the case of the 1,740.00 failing to keep the price down.
Daily Candle
Traders become neutral
On Friday, on the Swiss Foreign Exchange 51% of open position volume was in long positions.
Traders had been decreasing long position volume since Wednesday.
Meanwhile, in 1000 pip range around the current metal's price the orders were set to buy, as 57% were bullish orders.
The orders were balanced on Thursday.