On Friday morning, the yellow metal's price was once again heading to the resistance of the 1,920.00 mark.
In the case of this level being passed, the price would test each round price level as a resistance, as there are no technical resistance levels above the 1,920.00 mark as far as 1,970.00.
Economic Calendar Analysis
The week's notable events are set to start on Tuesday. At 12:30 GMT, the US Consumer Price Index could cause a noteworthy move. In September and August this event caused a slight increase of volatility.
On Wednesday, the US Producers Price Index is scheduled to be published at 12:30 GMT. The last release occurred during a major increase of volatility.
On Thursday, the weekly US Unemployment Claims will be out at 12:30 GMT.
On Friday, the US Retail Sales data is capable of causing slight increases of above normal volatility. However, in most cases the market barely reacts to this data. Namely, there are no sudden asset price and exchange rate adjustments.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
From the one hand, it is likely that some upside potential could continue to prevail in the market. In this case the price for gold could target the psychological level at 1,930.00.
From the other hand, it is also possible that a reversal south could occur in the nearest future. Note that the rate could gain support provided by the 55-, 100– and 200-hour SMAs in the 1,890.00 area.
Hourly Chart
On the daily candle chart, the price is once again testing the resistance of the 38.20% Fibonacci retracement level at 1,916.78.
In the meantime, the metal has pierced the resistance line that connects the August and September high levels.
Daily Candle Chart
Traders are long
Since Wednesday, on the Swiss Foreign Exchange the sentiment was long, as of total open position volume 54% was long.
Meanwhile, in the 1000-pip range around the metal's price the orders were 77% to buy the metal.