This week, the main event will be the release of the US employment data on Friday at 13:30 GMT. The release will consists of the publication of the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
In addition, take into account the US ISM Services PMI survey results on Friday at 15:00 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
XAU/USD short-term forecast
If the metal's price attempts to surge higher, it would have to break the resistance of the 50-hour simple moving average near 1,775.00. Afterwards, the 100-hour SMA might act as resistance near 1,780.00. In the meantime, the last week's low level zone at 1,779.00/1,783.00 could also stop an upwards move.
On the other hand, a decline might once again look for support in the lower trend line of the channel down pattern or round price levels. Most likely, support would be located at the 1,760.00 mark.
XAU/USD daily charts review
On the daily candle chart, the metal has passed the trend line, which connects the August, September and November low levels.Meanwhile, the 50, 100 and 200-day simple moving averages were left above the trend line.
Daily Candle Chart
Long sentiment grows
On Thursday, the sentiment on the Swiss Foreign Exchange was 59% bullish, as 59% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price pending trade orders were 79% to buy the precious metal.
On Friday, 60% of volume was in in long positions. In the meantime, only 51% of orders were set to sell.