As soon as the yellow metal's price passed the resistance of the 1,800.00 level, the price jumped by 0.80%. By the middle of Friday's trading, the price had reached the 1,820.00 level.
Economic Calendar Analysis
On Friday, the release of the US Employment data could impact the price for gold through the value of the US Dollar.
Next week, the metal's price could move due to the US CPI on Wednesday at 12:30 GMT.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the metal's price, as it impacts the US Dollar's value.
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
In the near term future, the metal was expected to consolidate its gains by trading sideways.
Afterwards, the 55, 100 and 200-hour simple moving averages could catch up and provide the needed support for the metal's price to resume its surge. A potential target for a surge would be the February high level of 1,855.00.
On the other hand, note that a consolidation could take place by retracing back down to the 1,800.00 level.
Hourly Chart
XAU/USD daily charts review
On the daily chart, the yellow metal has passed the resistance of the 100-day simple moving average, which strengthened the 1,800.00 mark.Next target for the price is the 38.20% Fibonacci retracement level at 1,837.43. Above these levels, the 1,850.00 mark could provide resistance together with the 200-day simple moving average.
Daily Candle Chart
Long sentiment declines
Since Wednesday, the sentiment on the Swiss Foreign Exchange was 60% bullish, as 60% of open position volume was long.
On Friday, 58% of traders were long. The traders were sticking to their long positions despite the recent surge.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 63% to buy the metal. Additional long positions could be opened.