At mid-day on Friday, the commodity price was located between support of the 1,825.00 mark and the 100-hour simple moving average and the resistance of the 1,830.00 level and the 50-hour simple moving average. Economic Calendar Analysis
On Tuesday, at 13:30 GMT, the US Producers Price Index data will reveal, how high is the inflation at the production level.
Possibly the top event of the week will take place on Wednesday at 19:00 GMT, as the US Federal Open Markets Committee Meeting Minutes will be published. The Meeting Minutes provide an insight to the decisions of the US Federal Reserve.
On Thursday, the US Unemployment Claims could cause an adjustment of the USD value.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
A passing above the 1,830.00 mark could result in the rate first testing the 1,835.00 level, before the pair reaches the 1,850.00 mark. However, note that other round price levels might stop a surge.
On the other hand, a decline below 1,825.00 could result in the price reaching the 1,815.00 level and the 200-hour simple moving average.
XAU/USD daily charts review
On the daily candle chart, the yellow metal appears to be in a large scale triangle pattern since the commodity price booked the August low level. A potential break out of the pattern could result in a large and sharp move either up or down.Daily Candle Chart
Traders are short
On Friday, the sentiment on the Swiss Foreign Exchange was 54% bearish, as 54% of open position volume was in short positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 63% to sell the precious metal.