Today, the US Retail Sales data will be published at 12:30 GMT.
Next week there will not be many events that could have an impact on the XAU/USD rate.
On Wednesday, September 18, the FOMC Statement and Economic Projections releases are expected at 18:00 GMT. Note that the Federal Funds Rate data will be published at the same time.
Also, the US Crude Oil Inventories data release at 14:30 GMT could have an impact on the price for gold.
XAU/USD short-term forecast
On Thursday, the XAU/USD exchange rate tested the 200-hour moving average at the 1,517.00. During today's morning, the rate was trading at the 1,505.00 mark.
It is unlikely that some downside potential could prevail in the market, as gold is supported by the 55– and 100-hour SMAs, currently located 1,498.22. The yellow metal could re-test the given resistance.
If the given resistance level holds, it is likely that yellow metal could trade sideways against the US Dollar in the short run. Otherwise, the price for gold could target the psychological level at 1,525.00.
Hourly Chart
Daily Chart
Short position decrease
On Friday morning, 63% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 73% of orders were to buy and 27% to sell.