The XAU/USD exchange rate revealed a rising wedge pattern.
From a theoretical point of view, it is likely that the rate could trade within the given pattern in the short run.
Economic Calendar Analysis
The first week of August is going to be relatively busy on the economic calendar.
On Monday, the Institute for Supply Management is going to publish the US ISM Manufacturing PMI survey results at 14:00 GMT. Additionally, the US ISM Non-Manufacturing PMI survey results are set to be published on Wednesday at 14:00 GMT.
On Wednesday, the US ADP Non-Farm Employment Change data is set to be issued at 12:15 GMT.
On Thursday, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the US Employment data set release could be in the spotlight. The release is scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
Yesterday, XAU/USD exchange rate revealed a rising wedge pattern. During Friday morning, the rate was testing the upper pattern line.
From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given pattern within the following trading session.
On the other hand, it is likely that yellow metal could gain support from the 55– and 100-hour SMAs near 1,955,00 and a breakout north could occur. In this case the price for gold could target the 2020.00 level.
Hourly Chart
On the daily candle chart, the metal has reached a new historical high level, as the 1,912.40 level was broken.
Daily Candle Chart
Traders remain short
On Friday, on the Swiss Foreign Exchange the sentiment was bearish, as of total open position volume 61% was short.
Meanwhile, in the 1000-pip range around the metal's price the orders were 81% to buy.