On Friday, the US Dollar and the Canadian Dollar are set to react to the monthly US and Canadian employment data. Among the data will be the employment changes and unemployment rates of the two countries.
XAU/USD short-term forecast
If the price for gold continues to recover, it might encounter resistance in the 1,900.00 mark and the 200-hour simple moving average. Higher above, note that the 1,920.00 level acted as resistance during the previous week.
However, a decline of the commodity price might look for support at 1,872.00/1,878.00 and 1,850.00/1,855.00.
XAU/USD daily charts review
On the daily candle chart, the metal's price has pierced the support zone, which surrounds the 1,900.00 mark and the 100-day simple moving average. Next support on the chart is the 200-day simple moving average near 1,840.00.Daily Candle Chart
Traders are long
On Wednesday, the sentiment on the Swiss Foreign Exchange was 62% bullish. Namely, 62% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 57% to buy the precious metal.