On Tuesday, the US ISM Services Purchasing Managers Index release at 14:00 GMT could cause a minor move on USD pairs. However, note that during most times the event does not cause an increase of volatility.
On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
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
Everything being equal, the commodity is likely to continue to edge higher in the narrow ascending channel pattern within this session. The possible target for buyers will be near the 1810.00 area.
However, technical indicators suggest that gold might edge lower during the following trading session.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the fundamental move up that was caused by US employment data managed to pierce the resistance of the 100-day simple moving average, which was keeping the price down since June 18.A potential target for the surge could be the combination of the 55 and 200-day simple moving averages near 1,830.00.
Daily Candle Chart
Traders are long on gold
On Tuesday, the sentiment on the Swiss Foreign Exchange was 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 64% to buy the metal.