The XAU/USD exchange rate tried to surpass the 1,578.00 level.
Given that the rate is supported by the monthly PP, it is likely that the price for gold could add to gains.
Economic Calendar Analysis
Next week there are not much events that could influence the XAU/USD rate.
On Wednesday, the Federal Reserve will publish its FOMC Meeting Minutes at 19:00 GMT.
Next week's event historical data tables have been published. Click on the headline below to read the article.
XAU/USD short-term forecast
On Thursday, the XAU/USD exchange rate traded sideways around the 1,576.00 level. During today's morning, the rate continued to trade at the given level.
On the one hand, yellow metal could gain support of the monthly PP at 1,573.09 and extend gains against the US Dollar in the short term. In this case the price for gold could exceed the 1,580.00 level.
On the other hand, gold could continue to consolidate against the Greenback around the 1,576.00 level in the short run. Also, it is unlikely that bears could prevail, and the rate could decline below the 200-hour SMA near 1,568.00.
Hourly Chart
On the daily candle chart, it can be observed how the rate broke the channel up pattern, which guided the rate's surge since the start of December.
Meanwhile, take into account that the metal is overbought, as indicated by daily simple moving averages, which are located near the 1,500.00 level.
Daily Chart
Traders are short on gold
Since Thursday, the Swiss Foreign Exchange gold sentiment was 53% short.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 59% of orders were to buy and 41% to buy.