In the meantime, the 200-hour SMA had reached the triangle.
Economic Calendar Analysis
On Thursday, the US weekly Unemployment Claims at 12:30 GMT could cause a minor USD move.
Later on at 14:00 GMT, the ISM Manufacturing PMI is likely going to impact the value of the US Dollar.
On Friday, at 12:30 GMT, all USD traded assets and currency pairs are bound to move due to the monthly US employment data. The data release will consist of US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
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
The price has been trading between a support zone at 1,770.00/1,775.00 and a descending trend line since June 21. In theory, the commodity price would trade in the pattern until a break out from it occurs.
If the price breaks out to the upside, the 1,800.00 mark would be reached. On the other hand, a passing of the 1,770.00/1,775.00 zone could result in a decline to the 1,750.00 mark.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the metal has reached the support of the 50.00% Fibonacci retracement level near 1,760.00. In the meantime, resistance is being provided by the 100-day simple moving average at 1,792.30.Daily Candle Chart
Traders are long on gold
Since Monday, the sentiment on the Swiss Foreign Exchange were 68% bullish, as 68% of open position volume was long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 68% to buy the metal.