The XAU/USD exchange rate reached the 2,070.00 level.
It is likely that the rate could gain support from the monthly R1 at 2,058.09.
Economic Calendar Analysis
On Friday, the US Employment data set release could be in the spotlight. The release is scheduled to 12:30 GMT.
The week ahead is going to be relatively calm on the economic calendar. Most of the events, that could impact the markets, are from the US.
On Tuesday, the US Core PPI and PPI data are going to be released at 12:30 GMT.
On Wednesday, the US Core CPI and CPI data will be released at 12:30 GMT.
On Thursday, the US Unemployment Claims data might affect the market. The release is scheduled to 12:30 GMT.
The week will end with the US Retail Sales data release on Friday at 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 raised to the 2,070.00 level. During Friday morning, the rate was trading at 2,060.00.
It is likely that yellow metal could gain support from the monthly R1 at 2,056.09 and extend gains against the US Dollar in the short run. In this case the rate could target the 2,100.00 level.
In the meantime, if the exchange rate fails to exceed the 1,080.00 mark, it is likely that gold could trade sideways against the Greenback within the following trading session.
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 Friday, on the Swiss Foreign Exchange the sentiment was bearish, as of total open position volume 56% was short.
Meanwhile, in the 1000-pip range around the metal's price the orders were 89% to buy.