On Wednesday, the US ISM Services PMI at 14:00 GMT might impact the pair through the value of the US Dollar.
On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
A move above of the commodity price could encounter minor resistance in the 1,775.00, 1,780.00 levels, before reaching the resistance zone at 1,784.10/1,785.00.
On the other hand, a decline of the metal's price is likely to look for support in the 1,765.00, 1,760.00 levels and the 50-hour simple moving average near 1,758.00.
XAU/USD daily charts review
On the daily candle chart, the price for gold might encounter resistance in the combination of the 50-day simple moving average the upper trend line of the channel down pattern and the 1,800.00 mark.Daily Candle Chart
Long sentiment declines
On Thursday, 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 53% to buy the precious metal.
On Friday, open positions were 68% long and pending orders were 84% to sell.
By the middle of Monday's trading, the positions were 67% long and orders were 80% to sell. Traders appear to have their take profit orders close by.