On gold price charts the price passed below the ascending trend line, but the fundamentals allowed the metal to break above the 2,265.00 level. Moreover, on Wednesday the level was confirmed as support. In the meantime, the 50-hour simple moving average has caught up to the metal and acts as support. Economic Calendar Analysis
This week, the financial markets could react to United States macroeconomic events.
On Friday, one of the top events will take place. The US employment data sets will be published at 12:30 GMT. The US release will consist of the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings change.
XAU/USD short-term forecast
The ongoing surge could reach above 2,300.00 and book new all-time highs for the commodity price. Note that the metal is expected to continue to encounter resistance in round price levels.
On the other hand, a decline below the 50-hour simple moving average could result in the metal looking for support in the 2,265.00 level and the 100-hour simple moving average. Below these levels, the 2,225.00/2,230.00 range and the 200-hour SMA are set to act as support.
XAU/USD daily charts review
On the daily candle chart, the surge is marked in a channel up pattern.Daily Candle Chart
Gold traders wait for decline
On Tuesday, 74% of Dukascopy traders were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 100% to sell the metal.
By late Thursday's hours, some gold bears had given up, as 70% of volume was short. Pending orders were just 56% to sell.