By the middle of Thursday's European trading hours, the price had almost reached the 1,780.00 level. Economic Calendar Analysis
On Thursday, the US weekly Unemployment Claims at 12:30 GMT could cause a minor USD move.
Later on at 14:00 GMT, the ISM Manufacturing PMI is likely going to impact the value of the US Dollar.
On Friday, at 12:30 GMT, all USD traded assets and currency pairs are bound to move due to the monthly US employment data. The data release will consist of US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
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
Note the resistance of the descending trend line of the last week's high levels. It could provide resistance to the bullion's attempts at surging.
If the metal passes the resistance line, it could reach for the 1,800.00 mark. On the other hand, a bounce off from the trend line would look for support in the 55, 100 and 200-hour simple moving averages and afterwards the 1,771.00/1,774.00 zone.
Hourly Chart
XAU/USD daily charts review
On the daily candle chart, the metal pierced the support of the 50.00% Fibonacci retracement level near 1,760.00 on Wednesday.Previously, the commodity price was squeezed in between the retracement level and the resistance of the 100-day simple moving average near 1,790.00.
Daily Candle Chart
Traders are long on gold
Since Monday, the sentiment on the Swiss Foreign Exchange was 68% bullish, as 68% of open position volume was long.
Meanwhile, on Thursday, in the 1000-pip range around the metal's price the pending orders were 61% to buy the metal.