On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
A potential recovery of the commodity price would have to pass the combined resistance of the 50-hour simple moving average, the 1,747.50/1,748.85 zone and the 1,750.00 mark. Higher above, note the 1,760.00 mark, which acted as support on Wednesday, and the resistance zone near the 1,770.00 level.
Meanwhile, a potential decline is expected to look for support in the 1,732.10 level, which acted as support on Wednesday.
XAU/USD daily charts review
On the daily candle chart, historical support zones and low levels can be observed, as they are marked.Daily Candle Chart
Traders are long
On Friday, the sentiment on the Swiss Foreign Exchange was 70% bullish. Namely, 70% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 72% to sell the precious metal.