- Market sentiment remain 56% bearish
- 58% of pending orders in 1000-pip range are set to BUY gold
- The metal's price remains near Monday's levels
On Tuesday morning after a couple of more attempts to surge above the 1,350 mark, the metal's price had remained near the 1,340 mark. Meanwhile, the main development on the hourly chart was the passing of the support of the 55 and 100-hour SMAs.
The Census Bureau released two reports simultaneously, from which Retail Sales data came out better-than-expected, but Core Retail Sales came out in line with forecasts.
However, data was more like positive, the US Dollar lost its strength, which can be explained with the fact, that Federal Reserve Bank of New York revealed lower-than-expected Empire State Manufacturing Index data, even though index above zero indicates positive result overall.
Loads of minor releases
The day is set to be filled with various data and speeches from the US. However, there is an issue with all of them, except one. Namely, they are all unlikely to cause sudden swings in the currency exchange rates and commodity prices.
The one exception that was set to be covered by the Dukascopy research team was the release of the US Building Permits and Housing Starts at 12:30 GMT. That means that you have to tune in to our webinar platform at 12:20 GMT to follow the live cover of the release.
XAU/USD steady for a second day
Gold entered a minor period of consolidation late on Friday, as a move below the 1,342.00 was restricted by the 55– and 100-hour SMAs. The same situation was apparent on Monday.
This shows that traders are rather indecisive. On the one hand, bulls are unable to push the yellow metal above the 1.350.00 mark, while the aforementioned support, also reinforced by the nearby 200-hour moving average, limits the beginning of a new wave down.
Technical indicators demonstrate that the pair should move north today towards the monthly R1 and the senior channel at 1,354.50 and 1,360.00, respectively. However, the 2017/2018 high which is located at 1,366.00 is unlikely to be reached in this session.
Hourly Chart
The daily chart of the metal shows that the commodity price has been step by step declining. It has been booking lower high levels with each closing session. However, today is the exception, as the commodity price has bounced off the support of the 23.60% Fibonacci retracement level near the 1,335.00 mark.
Daily Chart
Markets remain bearish
SWFX market sentiment had a slightly decreased bearishness, as on 576 of traders were short. Meanwhile, pending commands were set to buy the metal in 55% of all cases.
OANDA traders remained bullish sentiment, as 53% of open positions were long. However, Saxo bank traders are 51% long.