© Dukascopy Bank SA
"The employment numbers are generally influential in determining near-term gold prices. A good number, near or above consensus, could weigh on gold."
- HSBC Securities (based on Bloomberg)
Pair's Outlook
XAU/USD cross traded in rather calm environment back on Thursday, as no drivers managed to pushed the bullion trading in any direction. As a result, it remained hovering around the weekly R1 at $1,210. This level is reinforced by the 100-day SMA and long-term downtrend from above; therefore, the bullish scenario is less likely to be the case in the short-term. Technical indicators on daily and weekly charts are neutral, while in the long-term they are giving bearish signals, assuming that Gold will depreciate.
Traders' Sentiment
Distribution between opened positions for buying and selling Gold is still remaining strongly positive and in favor of former, as bulls have a majority with 74% of all trades. As a conclusion, bullish majority stepped back from the 12-day high by one percentage point from yesterday's morning.
© Dukascopy Bank SA