On Friday morning, the XAU/USD exchange rate reached the psychological level at 1,510.00.
Given that the rate is supported by the 55-, 100- and 200-hour SMAs, it is likely that some upside potential could prevail.
Economic Calendar Analysis
This week, there are no events left that could affect the XAU/USD rate.
Next week, data releases from the US will be on focus.
On Tuesday, October 29, the US CB Consumer Confidence data will be released at 14:00 GMT.
On Wednesday, October 30, the US ADP Non-Farm Employment Change data will be published at 12:30 GMT.
Also, at the same day, the US Advance GDP will be published at 12:30 GMT.
Moreover, the FOMC Statement and the Federal Funds Rate data will be published at 18:00 GMT.
On Thursday, October 31, the US Personal Spending data will be released at 12:30 GMT.
Also, the US Employment data set will be on focus - the Average Hourly Earnings, the Non-Farm Employment Change and the Unemployment Rate data will be published at 12:30 GMT.
At the same day, the US ISM Manufacturing PMI survey results will be published at 14:00 GMT.
XAU/USD short-term forecast
On Thursday, the XAU/USD exchange rate skyrocketed to the psychological level at 1,500.00. During today's morning, the rate reached the 1,505.00 mark.
On the one hand, yellow metal could continue to extend gains against the US Dollar within the following trading session. In this case the exchange rate could target the 1,510.00/1,515.00 range.
On the other hand, gold could consolidate against the US Dollar at the 1,505.00 mark in the nearest future. Also, it is unlikely that bears could prevail in the market, and the price for gold could drop lower than the monthly PP at 1,498.29.
Hourly Chart
On the daily candle chart, the low level of October 1 has provided a reference point for charting patterns. A confirmed large scale ascending pattern has been spotted and added to the chart by Dukascopy Analytics.
It can be seen that the September surge occurred in the borders of the pattern until it met with its resistance line.
Meanwhile, in the borders of the larger pattern there exists a smaller channel down pattern. It represents the commodity price's consolidation in the borders of the larger pattern.
Daily Chart
Traders go short
Since Wednesday, 73% of open gold 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 bullish – 52% of orders were to buy and 48% to sell.