The yellow metal continued to trade sideways in a wide range.
On Friday, analysts marked the borders of the zone. From above, the rate is facing resistance from 1,745.55 to 1,747.30. From below, a support zone is located at 1,722.20/1,725.30.
Next week, on Wednesday, at 13:15 GMT, the US ADP Non-Farm Employment Change is set to be released.
On the same day, at 15:00 GMT the US ISM Manufacturing PMI is set to be scheduled.
The week will end on Friday with the top event, as the US Employment data is set to be released at 13:30 GMT. The event will consist of three data sets being released.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
A large scale fundamental event could end the sideways trading. In the case of a decline, the 1,720.00 and 1,700.00 would most likely provide support. On the other hand, a surge, could find resistance in the 1,750.00 mark.
Hourly Chart
On the daily candle chart, the metal could find resistance in the 50.00% Fibonacci retracement level at 1,763.74. This level provided the commodity with support in late November and February.
In the meantime, on Monday, the March high levels were connected and a parallel line was set at the March low level. This revealed a channel up pattern, which could have a significant role.
Daily Candle Chart
Long sentiment remains intact
Since Wednesday, the sentiment on the Swiss Foreign Exchange was bullish, as 66% of open position volume was long.
Note that the gold sentiment is largely bullish at all times due to long term holders.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 61% to buy the metal.