On Thursday, the US ADP Non-Farm Employment Change is capable of impacting the markets. The Automatic Data Processing released number usually is a good indicator of what the US government data will show, as it occurs prior to the official publication of employment numbers. The event is scheduled for 13:15 GMT.
On Friday, the US monthly employment data sets will be published. The event is scheduled for 13:30 GMT.
They are bound to impact the financial markets via the value of the US Dollar. Namely, good data reveals that inflation might return and the Fed would have to keep rates high or even cut. This would cause a surge of the Dollar. On the other hand, bad data would weaken the USD, as the Fed can cut rates.
XAU/USD short-term forecast
A move above 2,050.00 is expected to encounter resistance in the 2,060.00 level and the 50, 100 and 200-hour simple moving averages that are fluctuating near this level. Higher above, take into account the 2,075.00 and 2,085.00 levels that have shown to be capable of impacting the pair.
On the other hand, a decline of the commodity price is expected to look for support in the 2,030.00 level. Further below, support could be found in the 2,010.00 and 2,000.00 levels.
XAU/USD daily charts review
On the daily candle chart, most recently the 2021 and 2022 high level range at 2,065.30/2,082.80 has been ignored by the metal.Meanwhile, take into account the approaching 50-day simple moving average near 2,013.60. This technical indicator could act a support.
Daily Candle Chart
Gold traders are short
On Wednesday, 66% were short, as that proportion of open position volume was in short positions.
In the meantime, pending orders in the 1000-pip range around the current price were 74% to buy the metal.
On Thursday, traders were 65% short and pending orders were 66% to sell.