For a third consecutive trading session, the yellow metal has trade sideways. However, on Friday, the sideways trading had advances higher by five USD.
Next week, on Tuesday, the price could be impacted by the 15:00 GMT publication of the US ISM Manufacturing PMI.
On Wednesday and Thursday, the markets are unlikely going to be impacted by macroeconomic data releases. On those days the ADP Non-Farm Employment Change, US Unemployment Claims and the US ISM Non-Manufacturing PMI are set to be published. All of these releases have not caused increases of USD volatility despite being discussed by the financial media.
On Friday, the US will publish monthly employment data. Namely, the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings.
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
The yellow metal has continued to trade almost flat. However, it has started to do so in a different range, as the price has been fluctuating between 1,805.00 and 1,820.00 levels.
In the meantime, the price had begun to ignore the 55-hour simple moving average, which could have pushed the price up on Thursday.
In regards to the near term future, the price should trade sideways until either fundamental news cause a move or the price is pushed down by the resistance of the 100-hour simple moving average.
Hourly Chart
On the daily candle chart, the yellow metal has reached the psychological support of a round price level of the 1,800.00 mark and the technical support of the 200-day simple moving average.
If this level is passed, the support trend line of a large scale channel down pattern could provide support to the commodity price at 1,770.00.
Daily Candle Chart
Traders remain long
Since Thursday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 68% was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 55% to buy the metal.