On Wednesday, at 14:00 GMT, the US ISM Non-Manufacturing PMIs is set to be released.
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
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
Technical indicators suggest selling signals on the 4H time-frame chart. Most likely, sellers could continue to drive the price lower during the following trading session.
However, the 200– hour SMA at 1809.3 could still provide support for the XAU/USD exchange rate within this session.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the price has passed the resistance of the 200-day simple moving average near 1,820.00. However, on Friday, the rate encountered the resistance of the 55-dya SMA near 1,833.00.In addition, take into account that a 38.20% Fibonacci retracement level at 1,837.43 could provide resistance.
Daily Candle Chart
Traders are still bullish
On Tuesday, the sentiment on the Swiss Foreign Exchange was 56% long.
On Wednesday, the market sentiment remains changed, as 56% of volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 56% to buy gold.