On Friday morning gold passed the resistance of the 55-hour simple moving average near the 1,275.50 level. This event signalled that the commodity price is set to surge.
If the surge occurs, the rate will aim for the resistance of the 100-hour simple moving average, which on Friday was located at 1,281.15.
There will be no more significant data being published this week. Data releases will resume next week.
First, the Canadian central bank will publish their interest rate on Wednesday at 14:00 GMT.
On Thursday, the US Durable Goods Orders data will be published at 12:30 GMT. This event can cause a move of up to 20 base points.
The data will end on Friday, as at 12:30 GMT the US Advance GDP will be published. This is the top US data set, which has the largest impact on the USD.
Meanwhile, check out previous data release covers and economic calendar analysis on the Dukascopy Webinars YouTube channel.
XAU/USD short term forecast
On Friday, gold broke the resistance of the 55-hour simple moving average at 1,275.50. Due to that reason a surge up to the 1,280.00 level.
At the 1,280.00 level the commodity price is set to meet with the 100-hour SMA, which was heading down during the early hours of Friday's trading.
Hourly Chart
On the daily chart the exchange rate has no technical support as low as the 200-day simple moving average near 1,250.00Previously the commodity price reached below the 100-day SMA.
Daily Chart
Short sentiment increases
On the Swiss Foreign Exchange on Friday 63% of open position volume was in short positions.
Meanwhile, the trader set up pending orders in a 1000 base point range around the metal's current price reveal additional information.
Trader pending orders in that range were set to buy in 58% of cases.