However, by mid-Monday, the markets had shrugged off the news and the USD was near previous levels. On the gold charts it resulted in a dip to 1,950.00 and a recovery back tot he resistance of 1,985.00. Economic Calendar Analysis
On Monday, the US ISM Manufacturing PMI release at 14:00 GMT could cause a move in the US Dollar.
On Wednesday, the US ADP Non-Farm Employment change at 12:15 GMT might impact the USD. Afterwards, at 14:00 GMT note the ISM Services PMI release.
Above all, on Friday, at 12:30 GMT, the United States will publish the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
XAU/USD short-term forecast
A move above 1,985.00 could be slowed down by other round price levels. Eventually, a potential surge would once again test the 2,000.00/2,010.00 range.
However, a decline is expected to look for support in 1,975.00, 1,960.00, 1,950.00 and the last week's low level zone at 1,934.30/1,937.15.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the high level zone of 2020 and 2023. The zone appears to be no longer capable of impacting the commodity price, as round price levels have more impact.Daily Candle Chart
Traders are short
On Friday, gold traders were bearish, as 57% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 60% to buy.
On Monday, open positions were 56% short and orders were 94% to sell.