Thus, it is likely that gold could consolidate against the US Dollar within the following trading session.
Economic Calendar Analysis
This week there are a couple of US data releases on the economic calendars that are shown as high impact.
On Tuesday, at 14:00 GMT the US ISM Manufacturing PMI might impact gold prices.
On Thursday, the US ADP Non-Farm Employment Change will be published at 12:15 GMT.
On Friday, US employment data will be published. The event will have three numbers being revealed – the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
XAU/USD short-term forecast
On Friday, the XAU/USD exchange rate consolidated around the psychological level at 1,525.00. During today's morning, the rate continued to trade at the given mark.
Note that yellow metal is squeezed by the 55-, 100– and 200-hour SMAs at 1,533.61 and 1,522.56 respectively. If the given moving averages hold, it is likely, that the rate could maintain its consolidation in the short term.
Otherwise, it is likely that the given resistance does not hold, and gold could extend gains against the US Dollar in the nearest future. A possible upside target is the 1,540.00 level.
Hourly Chart
On the daily candle chart, the recent surge did not pierce the upper trend line of the ascending channel pattern.
Daily Chart
Swiss traders remain short
On Monday, 66% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bearish – 62% of orders were to sell and 38% to buy.