On Thursday, the XAU/USD exchange rate re-tested the lower line of the medium-term ascending channel.
From a theoretical perspective, it is likely that some upside potential could prevail in the market.
In regards to the metal's price during next week, there are a couple of scheduled macroeconomic data releases that could impact it.
On Tuesday, the US Flash Manufacturing PMI survey results will be released at 13:45 GMT.
On Thursday, macroeconomic data set release from the US could impact the market. The US Durable Goods Orders, Final GDP and Unemployment Claims data are set to be published at 12:30 GMT.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate re-tested the lower boundary of the medium-term ascending channel. During Friday morning, the rate reversed north.
From a theoretical perspective, it is likely that some upside potential could prevail in the market. In this case the rate could target the resistance area in the 1,740.00/1,745.00 range.
Meanwhile, it is unlikely that bears could prevail in the market in the nearest future due to the support formed by the 55-, 100– and 200-hour SMAs, as well the monthly PP in the 1,725.00 area.
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 remain neutral
Since Thursday, on the Swiss Foreign Exchange the sentiment almost neutral, as it was 52%.
Meanwhile, in 1000-pip range around the current metal's price the orders were set to buy, as 58% were bullish orders.