Since Thursday, the price for gold has been trying to surpass the 1,845.00 level.
It is likely that the XAU/USD exchange rate could gain support from the 55-hour SMA near 1,833.00 and trade upwards.
On Friday, the US will publish monthly employment data. Namely, the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings.
Next week, there are a couple of events expected that could affect the XAU/USD rate.
On Thursday, the US CPI data sets and the Unemployment Claims are set to be published at 13:30 GMT.
The week is set to end with the US Producers Price Index, which has caused moves from 6.9 to 48.9 pips. Although, note that without the 48.9 pip release, the range of moves is from 6.9 to 12.2 base points.
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
Since Thursday, the XAU/USD exchange rate has been testing the 1,845.00 level.
It is likely that yellow metal could gain support from the 55-hour moving average near 1,832.00 and extend gains against the US Dollar in the short term. Note that the rate could face the resistance level—the Fibo 23.60% at 1,860.59.
If the predetermined resistance level holds, a reversal south could follow. In this case the price for gold could gain support from the 100– and 200-hour moving averages near 1,813.00.
Hourly Chart
On the daily candle chart, the yellow metal is recovering after bouncing off the support of the large scale channel down pattern. On Thursday, the price had passed the 38.20% Fibonacci retracement level of the 2020 low and high levels at 1,837.43.
The next resistance on this chart was the 55-day simple moving average, which was located near 1,881.00.
Daily Candle Chart
Sentiment changes
On Friday, on the Swiss Foreign Exchange the sentiment was bullish, as of total open position volume 67% was long.
On Thursday, the sentiment was 68% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 73% to buy the metal.