On Thursday, at 14:00 GMT, the US ISM Services PMI is expected to impact the value of the US Dollar.
On Friday, more important data will be published. At 12:30 GMT, the US Unemployment Rate, Non-Farm Employment Change and Average Hourly Earnings are expected to cause US Dollar's moves.
XAU/USD short-term forecast
If the price for gold continues to decline, the commodity might find support in this week's low levels near 1,630.00. Further below, note the 1,615.00/1,622.00 zone, which has kept the price up since late September.
However, a price surge of the metal would most likely face resistance at 1,670.00 and levels above 1,680.00.
XAU/USD daily charts review
On the daily candle chart, the price found support in the September low level near 1,615.00. Currently, note that the 50-day SMA is strengthening resistance near 1,670.00/1,680.00. Meanwhile, the 100-day SMA is located near 1,700.00.Daily Candle Chart
Traders are long
Before the US Dollar affecting events, the sentiment on the Swiss Foreign Exchange was 62% bullish. Namely, 62% of open position volume was in long positions.
Meanwhile, in the 1000-pip range around the metal's price, pending trade orders were 65% to buy the precious metal.
After the events, the sentiment was 61% long and orders were 67% to buy.