On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
A decline of the commodity price could look for support in the 1,771.30/1,773.10 range. Further below, the 1,745.00/1,755.00 levels are expected to once again act as support.
However, a surge of the yellow metal would have to break the 1,784.40/1,788.70 resistance zone, before approaching the 1,800.00 mark.
XAU/USD daily charts review
On the daily candle chart, the price for gold has encountered resistance in the 50-day simple moving average near 1,790.00. Higher above, note the upper trend line of a channel down pattern and the 1,800.00 mark.Daily Candle Chart
Long sentiment is unchanged
Since Tuesday, the sentiment on the Swiss Foreign Exchange was 64% bullish. Namely, 64% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 52% to sell the precious metal.