After trading with high volatility between 1,835.00 and 1,865.00, at mid-day on Friday the yellow metal's price was located just below the 1,865.00 level.
In the meantime, take into account that the whole zone from 1,864.40 to 1,868.40 was providing resistance.
Next week, on Monday, the US ISM Manufacturing PMI at 15:00 GMT could cause a move.
On Wednesday, the US ISM Non-Manufacturing PMI could cause a move.
Thursday will bring the usual weekly US Unemployment Claims at 13:30 GMT.
The week will end with the US monthly employment data sets at 13:30 GMT. Namely, the US Average Hourly Earnings, Unemployment Rate and Non-farm Employment Change will be published.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
XAU/USD short-term forecast
The metal was set to test the resistance zone of 1,864.40/1,868.30.
In the case of the resistance holding, the metal could once again decline as low as the 1,835.00 level. Note that the hourly simple moving averages that were located from 1,844.00 to 1,852.00 have been failing at significantly impacting the price.
On the other hand, if the resistance fails, the yellow metal would test December 21 high at 1,875.00.
Hourly Chart
On the daily candle chart, the metal has started to ignore the 55 and 200-day simple moving averages, which were both passed as resistance and support levels. In the meantime, the metal was being approached by the 100-day SMA near 1,880.00.
Meanwhile, since Wednesday the price was supported by a 38.20% Fibonacci retracement level at 1,837.43.
Daily Candle Chart
Traders remain long on gold
Since Monday, the sentiment on the Swiss Foreign Exchange was bullish, as 58% of open position volume was long.
On Friday, the sentiment had become 59% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 76% to buy the metal.