On Wednesday, the US ADP Non-farm Employment Change number could impact the US Dollar's value at 12:15 GMT. However, more impact might be caused by the US Preliminary GDP publication at 12:30 GMT.
On Thursday, the US Core PCE Price Index should cause a USD move. Although, the head of the Federal Reserve Jerome Powell has already commented on the data during the Jackson Hole symposium. Due to this reason there might be no currency adjustment.
On Friday, the US monthly employment data will be released at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
In addition, also on Friday, note the US Institute for Supply Management Manufacturing Purchasing Managers Index release at 14:00 GMT.
XAU/USD short-term forecast
The price is set to test the combined resistance of the upper trend line of the channel pattern that has guided the price up since August 20 and the 1,940.00 mark. The 1,940.00 level has acted as support and resistance during 2023. A move above these levels could eventually reach the 1,950.00 mark.
On the other hand, a decline of the commodity price is expected to look for support in the 1,930.00/1,932.25 range, before reaching the support of the 1,925.00 level and the 1,920.25/1,923.00 range.
XAU/USD daily charts review
On the daily candle chart, the metal has moved back above the 1,900.00/1,915.00 range. This range could turn into support. Meanwhile, take into account the combination of the 50 and 200-day simple moving averages near 1,935.00. These levels could act as additional resistance.Daily Candle Chart
Gold traders are mostly long
On Wednesday, the Swiss Foreign Exchange, traders were 65% bullish on gold, as that proportion of open Gold positions were long.
In the meantime, pending orders in the 1000 point range around the current price are 51% to sell.
On Tuesday, traders were 69% long and orders 79% to sell the metal.