During today's morning, the XAU/USD exchange rate was trading at the 1,505.00 mark. It is likely that yellow metal could consolidate against the US Dollar in the short run.
Economic Calendar Analysis
Today, US employment data will be published. The event will have three numbers being revealed – the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
Next week, there will be a couple of data releases from the US that could have an impact on the price for gold.
On Wednesday, September 11, the US Producer Price Index data will be published at 12:30 GMT. Also note that the US Crude Oil Inventories data will be published at 14:30 GMT.
On Thursday, September 12, the US Consumer Price Index data will be released at 12:30 GMT.
On Friday, September 13, the US Retail Sales data will be published at 12:30 GMT.
XAU/USD short-term forecast
Yesterday, the XAU/USD exchange rate declined significantly to the 1,510.00 level. During Friday morning, the rate was trading at the 1,505.00 mark.
On the one hand, yellow metal could consolidate against the US Dollar at the given levels within the following trading session.
On the other hand, bulls could prevail, and the price for gold could reverse north. Note, that the nearest resistance, formed by the 55-, 100– and 200-hour SMAs, located at 1532.80.
It is unlikely, that bears could continue to prevail, and the exchange rate could drop lower than the monthly PP at the 1,492.35.
Hourly Chart
On the daily candle chart, the price for gold reversed south from the upper boundary of the medium-term ascending channel.
From a theoretical point of view, it is likely that yellow metal could test the lower channel line in the short term. Note that gold could face support of the monthly PP at 1,492.35.
Daily Chart
Swiss traders remain short
On Friday, 72% of trader open position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish – 79% of orders were to buy and 21% to sell.