There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the US Dollar and the price for gold.
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 declines, it would most likely find support in the combination of the 55 and 100-hour simple moving averages at 1,900.00. In addition, the 1,900.00 mark could provide support on its own.
In the meantime, a potential surge would need to pass the resistance of the 1,910.00 level before additional gains could occur.
Hourly Chart
XAU/USD daily charts review
After breaching the upper trend line of the ascending channel pattern on Tuesday, the yellow metal has continued trading in limbo and might edge higher towards the 23.60% retracement level.Daily Candle Chart
Bearish sentiment appears
Since Wednesday, the sentiment on the Swiss Foreign Exchange was been 51% bearish, as 51% of open position volume was short. On Monday, the sentiment had become 53% short.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 61% to buy the metal.