There are no more events scheduled for this week that might impact gold.
Next week, on Tuesday, minor spike in volatility could occur due to the US Durable Goods Orders Release at 13:30 GMT.
On Wednesday, the US Federal Funds Rate is scheduled to be published at 19:00 GMT. Note that the largest moves occurred during rate cuts. This time, no rate cut is expected.
On Thursday, the US Advance GDP publication at 13:30 GMT is set to occur.
Next week's event historical data tables have been published. Click on the link below to read the article.
On Thursday, the XAU/USD exchange rate tried to surpass the 1,568.00 level. During today's morning, the rate was trading at 1,562.00.
Note that yellow metal is supported by the 55– and 100-hour moving averages, currently located at 1,559.00. Thus, it is likely that some upside potential could prevail in the market. It is unlikely that the rate could exceed the monthly R2 at 1,570.61.
On the other hand, gold could trade sideways against the US Dollar within the following trading session. Also, it is unlikely that the rate could breach the rising wedge pattern south due to the support provided by the 200-hour SMA.
Hourly Chart
On the daily candle chart, the metal appears to be consolidating after the recent high levels.
Meanwhile, the pair has no technical support as low as the 55 and 100-day simple moving averages that are located near the 1,500.00 level. If the support levels of the hourly chart fail, eventually the price could reach for the daily SMAs.
Daily Chart
Traders are neutral on gold
On Thursday, 52% of all open gold positions on the Swiss Foreign Exchange were long. The sentiment had been near neutral throughout the week.
On Friday, the sentiment was balanced, as 50% were long and 50% were short.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish– 66% of orders were to buy and 34% to sell.
The orders were 51% to sell on Thursday.