The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US 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 commodity is likely to continue to edge lower during the following trading session. The possible target for gold short traders would be near the 1795 level.
However, the 200– hour simple moving average at 1810.1 could probably provide support for the exchange rate within this session.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the price has passed the resistance of the 200-day simple moving average near 1,820.00. However, on Friday, the rate encountered the resistance of the 55-dya SMA near 1,833.00.In addition, take into account that a 38.20% Fibonacci retracement level at 1,837.43 could provide resistance.
Daily Candle Chart
Traders are still long
On Wednesday, the sentiment on the Swiss Foreign Exchange was 56% long.
On Thursday, the market sentiment remains changed, as 55% of the volume was long.
Meanwhile, in the 1000-pip range around the metal's price, the pending orders were 71% to buy gold.