During the upcoming week, noteworthy events start on Tuesday at 15:00 GMT, as at that time the US Institute for Supply Management Services sector Purchasing Managers Index is set to be released.
On Wednesday, at 13:15 GMT the US ADP Non-Farm Employment Change could impact the markets by revealing surprise information about the US job market. In addition, on the same day at 15:00 GMT, the JOLTS Job Opening data will show, how many jobs are open. The data indicates, how active the economy is.
Top event of the week is scheduled for Friday at 13:30 GMT. The United States employment data sets are going to impact the financial markets. The release consists of Average Hourly Earnings change, Non-Farm Employment Change and the Unemployment Rate.
XAU/USD short-term forecast
An extension of the ongoing surge could suddenly reveal a round price level as resistance. Meanwhile, note the upper trend line of the yet unconfirmed channel up pattern near 2,065.00/2,070.00.
On the other hand, a decline of the price is set to look for support in the 2,050.00 mark, before the 2,035.00/2,040.00 zone and the hourly moving averages come into play.
XAU/USD daily charts review
On the daily candle chart, the metal has reached above the resistance of the 50-day simple moving average. Meanwhile, it appears that the 100-day simple moving average provided support.In the near term future, resistance could be found in the 2,065.25/2,090.00 range.
Daily Candle Chart
Gold traders are shorting
On Friday, 62% of Dukascopy traders were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 73% to sell the metal.