On Thursday, the US ADP Non-farm Employment Change might impact the value of the US Dollar at 13:15 GMT.
On Friday, The United States employment data release at 13:30 GMT is highly likely going to impact the US Dollar. Later on, at 15:00 GMT the ISM Services PMI is set to cause minor impact on the financial markets.
XAU/USD short-term forecast
If the metal's price continues to decline and reaches below 1,850.00, the 50-hour simple moving averages might act as support near 1,840.00. Further below, note the support of the 1,830.00 level and the 100-hour SMA.
On the other hand, a resumption of the previous surge would have to break the 1,865.00 level, before aiming at the 1,900.00 mark. Meanwhile, note that other round price levels might turn into resistance.
XAU/USD daily charts review
On the daily candle chart, the metal has pierced the 1,787.05/1,808.15 resistance zone. The zone held the price down since mid-November. Higher above, note the June high of 1,880.00. However, other round price levels acted as support and resistance throughout May and June.Daily Candle Chart
Traders are still neutral
On Monday, traders were neutral on gold, as 50% of open positions were long and short. Meanwhile, pending orders in the 1000-pip range were 64% to sell.
On Tuesday, open positons were 51% short and orders were 73% to buy.
On Wednesday, traders were 51% short and pending orders were 64% to buy.