Gold remains near 1,500.00

The Bureau of Labor Statistics released the US Unemployment Rate data, which came out better-than-expected of 3.5% compared with the forecast of 3.7%.

According to the official release: "In September, the unemployment rate declined by 0.2 percentage point to 3.5 percent. The last time the rate was this low was in December 1969, when it also was 3.5 percent. Over the month, the number of unemployed persons decreased by 275,000 to 5.8 million."



Economic Calendar Analysis

On Tuesday the US PPI release at 12:30 GMT could cause a move. Although, it usually causes a move below ten pips, which is considered insignificant.

On Wednesday, the US Federal Reserve Meeting Minutes are set to be published at 18:00 GMT.

On the same day the US CPI will be released at 12:30 GMT.

Meanwhile, next week's notable event overview and historical data tables have been published. Click on the link below to see the article with the data.

XAU/USD short-term forecast

Gold has remained near previous levels, as it failed to pass the resistance of the 1,515.00 level on Friday. The failure was attributed to the release of US Employment data on Friday, which strengthened the US Dollar.

In regards to the near term future, the commodity price is set to test the support of the 100 and 200-hour simple moving averages and the monthly pivot point. The price would reach these technical levels near the 1,500.00 mark.

If these levels get passed, the metal would have no technical support as low as 1,463.00. On the other hand, a rebound would first test the 55-hour SMA at 1,505.00 and afterwards the 1,515.00 and 1,520.00 levels.

Hourly Chart

Daily Chart

Traders are slightly bearish

On Monday, 55% of open gold 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 neutral– 52% of orders were to buy and 48% to sell.