The XAU/USD exchange rate exceeded the 2,000.00 level and skyrocketed to 2,040.00.
It is likely that the price for gold could face the resistance formed by the monthly R1 at 2,056.09.
Economic Calendar Analysis
The first week of August is going to be relatively busy on the economic calendar.
On Wednesday, the US ADP Non-Farm Employment Change data is set to be issued at 12:15 GMT. Additionally, the US ISM Non-Manufacturing PMI survey results are set to be published at 14:00 GMT.
On Thursday, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the US Employment data set release could be in the spotlight. The release is scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate skyrocketed to the 2,030.00 level. During Wednesday morning, the rate exceeded the given level.
It is likely that yellow metal is in the overbought area as the 55-, 100– and 200-hour SMAs are located below 1,900.00. Thus, it is likely that a reversal south could occur in the nearest future.
Otherwise, it is likely that gold could continue to extend gains against the US Dollar within the following trading session. In this case the rate could face the resistance formed by the monthly R1 at 2,056.09.
Hourly Chart
On the daily candle chart, the metal has reached a new historical high level, as the 1,912.40 level was broken.
Meanwhile, note that gold is trading far above the 55-, 100- and 200-day moving averages, thus, it is likely that yellow metal is overbought.
Daily Candle Chart
Traders remain short
On Wednesday, on the Swiss Foreign Exchange the sentiment was bearish, as of total open position volume 59% was short.
Meanwhile, in the 1000-pip range around the metal's price the orders were 77% to buy.