The Iranian-US turmoil propelled the yellow metal, as funds ran to safety. The metal's price managed to shortly reach above a 100.00% Fibonacci retracement level at 1,580.00
Our analysts set speculative high level at this mark, by using the low level of 2018 and setting the 23.60% retracement at the early 2019 high level. Economic Calendar Analysis
This week, data releases will start on Tuesday at 15:00 GMT. The US ISM Non-Manufacturing PMI will be released at that time.
On Wednesday, the ADP Non-Farm Employment Change is scheduled to be released at 13:15 GMT. Dukascopy analytics dropped the cover of the ADP due to it not causing increases of volatility.
However, the last release caused a move on the EUR/USD above ten pips. It is the criteria whether to take or not take into account a data release.
The week will end with the three US employment data sets being published at 13:30 GMT.
The week's scheduled event historical data tables have been published. Click on the link below to read the article.
XAU/USD short-term forecast
On Friday, the XAU/USD exchange rate jumped to the 1,580.00 level. During Monday morning, the rate was testing the given level.
It is likely that yellow metal could gain support of the monthly R1 at 1,570.61 level and continue to extend gains against the US Dollar in the short term.
However, if the given resistance level holds, it is likely that gold could consolidate against the Greenback within the following trading session.
Also, it is unlikely that bears could prevail in the market, and the rate could drop lower than the monthly R1 at 1,544.31.
Hourly Chart
On the daily candle chart, the price is surging after bouncing off the support of the channel up pattern that captures the metal's appreciation that has been occurring since the middle of 2018.
Daily Chart
Traders short gold
Since Thursday, on the Swiss Foreign Exchange 58% of open gold position volume was in long positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 74% of orders were to buy and 26% to sell.