- SWFX traders are 55% bearish
- 58.44% of pending commands are to buy the bullion
- The metal's price started the day's trading at 1,292.50
- Upcoming Events: Quiet day
The charts of the yellow metal are showing wonders, as the bullion managed to fulfil the two possible scenarios speculated to occur during the Jackson Hole Symposium. However, the future situation is in most part clear on Monday morning.
The Commerce Department showed that the US Durable Goods fell 6.8% in July amid weaker demand for commercial jets, while its Core measure marked a better-than-expected gain of 0.5% in the same period. The US Durable Goods reports on early Friday caused a modest market reaction additionally muted ahead of two economic leaders' speeches.
Quiet after the storm
After the major events of Friday, this Monday is going to be a quiet session, as there are not even minor data releases set to occur, which might impact the financial markets.
It is an excellent opportunity to review the situation on various charts in the aftermath of Jackson Hole summit or just relax and monitor long term positions. However, that actually is exactly what the markets call a period of consolidation.
XAU/USD breaks both ways
If one had his positions set right, a trader could have cashed in double from the Jackson Hole event in regards to the yellow metal's price. As soon as the central bankers opened their mouths and started spilling information about global monetary policy in the future, the commodity price started bouncing in a range from 1,276 to 1,295 just during the first hour.
Such move was not initially expected, as it is not consistent with the theory of a triangle pattern, which was active before the event. However, the end result is a surge, which seems to be unopposed heading once more to reach above the 1,300 mark.
Hourly Chart
The lower trend line of the ascending pattern did not hold ground, as speculated by making larger scale forecasts. However, the situation on Monday morning is as it was expected on Friday.The metal's price did rebound and move in to trade in the region between the lower trend line of the large scale ascending pattern and the most dominant pattern's resistance line. Due to that reason the forecast that the metal's price gets above 1,300 mark was made.
Daily Chart
Markets inclined to the bullish side
Traders of Dukascopy are clearly bearish, as 55% of open positions are short. Meanwhile, 58.37% of trader set up pending commands are to buy the metal.
OANDA Gold traders are almost neutral, as open positions are 52.86% short. In addition, SAXO bank traders also remain close to being neutral, as 51.83% of open positions are short.