On Friday, the yellow metal's price traded sideways between the 1,865.00 and 1,880.00 level. The price began to do so after dropping to 1,860.00 on Thursday.
In the meantime, the hourly simple moving average had caught up with the price.
Economic Calendar Analysis
Next week, US Elections on Tuesday are bound to take away all attention from the macroeconomic data releases. However, there are things to note.
On Monday, the US ISM Manufacturing PMI could cause a notable move at 15:00 GMT.
On the day after the US Election, on Wednesday, the US ISM Non-Manufacturing PMI will be published at 15:00 GMT.
On Thursday, expect the weekly US Unemployment Claims to cause a minor move at 13:30 GMT.
Later in the day, at 19:00 GMT, the US Federal Reserve will make a Rate Statement. Namely, the bank will react to the US Election and the following market reaction. Previously, the Fed had stated that they intend to stop a market crash, if one starts due to the election results.
On Friday, the US are publishing their monthly employment statistics. Among them will be the Average Earnings, Unemployment Rate and official Non-Farm Employment Change. In general, the Average Earnings and Employment Change reveal, how much USD is used for employment.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
Given that yellow metal is pressured by the 55-hour moving average near 1,880.50, it is likely that some downside potential could prevail in the market within the following trading session.
In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the 1,900.50 mark due to the resistance provided by the 200-hour SMA.
Hourly Chart
On the daily candle chart, the yellow metal has passed the support of the 100-day SMA.
Moreover, the rate has clearly passed the support of the 23.60% Fibonacci retracement level at 1,879.18. On Friday, the Fibonacci began to provide resistance.
Daily Candle Chart
Long sentiment decreases
Since Wednesday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 60% was long.
On Friday, the sentiment became 58% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 70% to sell the metal.