By the middle of the day's European trading hours, the commodity price's recovery had found resistance in the 1,770.00 mark and the 50-hour simple moving average. Economic Calendar Analysis
On Wednesday, the US ISM Services PMI at 14:00 GMT might impact the pair through the value of the US Dollar.
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
In the case of the metal's price surging above 1,770.00, the previous resistance levels are highly likely to impact the commodity once again. Namely, note the 1,771.30/1,773.10 range and the 1,785.00, 1,786.65 levels.
On the other hand, a decline of the price is set to find support in the 1,745.00/1,755.00 zone.
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
On 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 88% to sell the precious metal.
On Wednesday, the positions were 64% long and orders were 79% to buy