On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
Next week, note the US Empire State Manufacturing Index on Monday at 12:30 GMT.
On Friday, the US Flash Manufacturing and Services PMIs could cause an impact on the US Dollar.
XAU/USD short-term forecast
An extension of the decline could find support in the ascending 100 and 200-hour simple moving averages or the 2,020.00 mark. However, the price should first pass below 2,030.00 and the 50-hour SMA.
On the other hand, a recovery of the price due to another fundamental shock is set to face the resistance of 2,050.00.
XAU/USD daily charts review
On the daily candle chart, the metal has passed above the high level zone of 2020 and 2023. The zone appears to be no longer capable of impacting the commodity price, as round price levels have more impact.Next target for the surge is the 2020 August and 2022 March high level zone.
Daily Candle Chart
Traders are short
On Thursday, gold traders were bearish, as 60% of open positions were short.
Meanwhile, pending orders in the 1000-pip range were 67% to buy.
On Friday, positions were 61% short and orders were 55% to sell.