Economic Calendar Analysis
On Tuesday, the US ISM Services PMI at 14:00 GMT could impact the value of the US Dollar and all USD currency exchange rates.
On Wednesday, the ADP Non-Farm Employment Change at 12:15 GMT might cause USD volatility.
On Thursday, the weekly US Unemployment Claims at 12:30 GMT might cause a minor move in the USD.
On Friday, at 12:30 GMT, the US employment data sets will be out. Namely, the Average Hourly Earnings change, the Non-Farm Employment Change and the monthly Unemployment Rate are bound to impact the value of the US Dollar.
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
If the price passes the resistance of the recent high levels, the metal could aim at the 1,800.00 level. However, the 1,780.00 and 1,785.00 levels might keep gold down, as it occurred in September.
Meanwhile, a decline would have to pass the 55 and 200-hour SMAs and the 1,750.00 level before aiming at the 100-hour SMA at 1,745.00.
XAU/USD daily charts review
On the daily candle chart, note that the bullion has bounced off the resistance of the channel down pattern, which has guided the price since the early September bounce off from the Summer high level of 1,830.00.Daily Candle Chart
Traders are long on gold
Since Wednesday, the sentiment on the Swiss Foreign Exchange was 70% bullish, as 70% of open position volume was in long positions.
On Monday, the sentiment was 69% long.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 52% to buy the precious metal.