By the middle of Friday's European trading hours, the metal had reached the 1,795.00 level, which started to provide resistance.
Economic Calendar Analysis
At 13:45 GMT on Friday, the week's notable events will end with the publication of the US Manufacturing and Services PMIs.
Next week, on Wednesday, at 12:30 GMT, the US Durable Goods Orders and Core Durable Goods Orders change data will be published.
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD.
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 could trade sideways below the 1,795.00 mark until the 55-hour SMA catches up and provides the needed support for a surge. A surge would most likely immediately test the resistance of the 1,800.00 mark.
On the other hand, as the 55-hour SMA is lagging behind the price, a decline might occur. A decline might reach for the 55-hour SMA and the lower trend line of the channel up pattern near 1,785.00. In the case of the price passing the SMA and breaking the channel up pattern, the bullion might look for support in the 100 and 200-hour simple moving averages.
XAU/USD daily charts review
On the daily candle chart, the yellow metal's price is facing the resistance of the 100 and 200-day simple moving averages, which are located at the 1,795.00 mark.Daily Candle Chart
Traders are long
On Friday, the sentiment on the Swiss Foreign Exchange was 55% bullish, as 55% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 67% to buy the precious metal.