On Thursday, minor action is expected from the US Unemployment Claims.
On Friday, the top event of the week will take place. The United States will publish the monthly employment data at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
A decline is expected to look for support in the low level zone at 1,805.00/1,808.00. Afterwards, the 1,800.00 mark is most likely going to act as support.
On the other hand, a recovery of the commodity price could face resistance in the form of the100-hour simple moving average, before reaching the 1,860.00 and 1,880.00 levels that have acted as support and resistance.
XAU/USD daily charts review
On the daily candle chart, note the broad large scale channel down pattern. The pattern's support line has been broken. Meanwhile, zoom out to see the 2023 low levels and the support zone near 1,800.00.Daily Candle Chart
Gold traders are mostly long
On Tuesday, the Swiss Foreign Exchange, traders were 73% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 67% to buy.
By mid-Wednesday, traders were 74% long and orders were 72% to buy.