The XAU/USD exchange rate continued to trade within the rising wedge pattern.
From a theoretical point of view, it is likely that a breakout south could occur in the nearest future.
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
During previous trading session, the XAU/USD exchange rate continued to trade within the rising wedge pattern. During Monday morning, the rate was trading near the lower pattern line.
From a theoretical point of view, it is likely that a breakout south could occur in the nearest future, and the price for gold could target the psychological level at 1,950.00.
Meanwhile, note that yellow metal could gain support from the 55– and 100-hour moving averages near 1,960.00 and trade within the predetermined pattern in the short run.
Hourly Chart
On the daily candle chart, the metal has reached a new historical high level, as the 1,912.40 level was broken.
Meanwhile, note that gold is trading far above the 55-, 100- and 200-day moving averages, thus, it is likely that yellow metal is overbought.
Daily Candle Chart
Traders remain short
On Monday, on the Swiss Foreign Exchange the sentiment was bearish, as of total open position volume 58% was short.
Meanwhile, in the 1000-pip range around the metal's price the orders were 92% to buy.