By the middle of Friday's GMT trading hours, the yellow metal continued to recover, as it had reached the 1,810.00 level.
In the meantime, it was spotted that the 1,800.00 level can provide both support and resistance.
The week will end with the US monthly employment data sets at 13:30 GMT. Namely, the US Average Hourly Earnings, Unemployment Rate and Non-farm Employment Change will be published.
Next week, the gold could move due to the US Consumer Price Index data and the US Unemployment Claims.
The US Consumer Price Index and the Core Consumer Price Index will be published on Wednesday at 13:30 GMT.
On Thursday, at 13:30 GMT the US weekly Unemployment Claims will be published.
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
It is likely that some downside potential could continue to prevail in the market, as the yellow metal could be pushed down by the 55-hour moving average. The rate could decline to the psychological level at 1,780.00.
In the meantime, it is unlikely that bulls could prevail in the market, and the price for gold could exceed the 1,840.00 area due to the resistance provided by the 100– and 200-hour moving averages.
Hourly Chart
On the daily candle chart, the metal has passed the 38.20% Fibonacci retracement level of the 2020 high and low levels. Meanwhile, note that the November low level of 1,765.00 is actually the 50.00% Fibonacci retracement level of the 2020 low and high.
Meanwhile, as reported during the week, the daily simple moving averages were ignored by the commodity price.
Daily Candle Chart
Traders remain long
On Friday, the sentiment on the Swiss Foreign Exchange was bullish, as 66% of open position volume was long.
On Thursday, the sentiment was 67% long.
Meanwhile, in the 1000-pip range around the metal's price the pending orders were 50% to buy the metal and 50% to sell.
On Thursday, the orders were 83% to buy.