On Thursday, the price had recovered and returned above the 2,500.00 mark. It was assumed that the rate could soon reach the 2,530.00 high level zone. Economic Calendar Analysis
On Thursday, at 12:15 GMT, the ADP Non-farm Employment Change might cause a move.
However, the top employment data publication of them all will happen on Friday. At 12:30 GMT, the US official monthly employment data sets will be published.
XAU/USD short-term forecast
A move above the 2,530.00 high level range would result in the metal once again booking new all-time high levels. In this case, round price levels like the 2,550.00 mark might act as resistance.
In the case of a decline of the commodity price, the rate might look for support in the spread out 50, 100 and 200-hour simple moving averages spread out around the 2,500.00 mark. If these levels fail, gold might once again look for support at 2,470.00.
XAU/USD daily charts review
On the daily candle chart, the metal found support in the 50 and 100-day simple moving averages, which have been the cause of the resumed surge of the price.Daily Candle Chart
Traders are still short
On Thursday, 74% of volume was in short positions.
Meanwhile, in the 1000 point range around the latest price, the pending orders were 50% to sell and buy the metal.
On Monday, traders were 74% short and orders were 57% to buy.