The hourly simple moving averages eventually failed to provide support for a surge, as on Thursday afternoon the commodity price began a decline.
By the start of Friday's US trading hours, the commodity had declined and almost reached the 1,810.00 level.
On Wednesday, at 13:30 GMT, the US Retail Sales and Core Retail Sales could cause a move. However, at the same time, the US Producer Price Index and Core Producer Price Index are set to be published.
If both data sets reveal a positive or negative surprise, compared to the market forecast, the impact could be combined. On the other hand, the data could contradict one another and cancel out the effect of an impact.
On the same day, at 19:00 GMT the FOMC Meeting Minutes PDF document will be released. Note that the impact of the meeting minutes occurs slowly not suddenly, as the market participants read and interpret the meeting minutes.
On Thursday, market participants are set to watch the weekly US Unemployment Claims at 13:30 GMT.
The week will end for the USD/JPY with the US PMIs at 14:45 GMT.
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
Given that yellow metal is pressured by the 55-, 100– and 200-hour moving averages in the 1,830.10/1,835.90 range, it is likely that some downside potential could continue to prevail in the market.
In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the resistance level—the Fibo 23.60% at 1,860.59 in the short term.
Hourly Chart
On the daily candle chart, the metal has bounced off the resistance of the 55 and 200-day simple moving averages, which were located just above the 1,850.00 level.
Daily Candle Chart
Traders are long
On Friday, the sentiment on the Swiss Foreign Exchange was bullish, as 65% of open position volume was long.
On Thursday, the sentiment was 63% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 61% to buy the metal.