- SWFX traders are 52% bearish
- 54% of pending commands are to buy the bullion
- The metal's price started the day's trading at 1,259.33
- Upcoming Events: US Advance GDP
The yellow metal's price continues to trade above the 1,260 mark. The reason for that is the fact that the bullion managed to quickly find support, as it started to consolidate in the aftermath of the recent fall of the US Dollar. The metal seems to be preparing to continue the surge on smaller timeframes. However, the larger picture is rather bearish.
The initial reaction to the release of the Census Bureau's report on the US durable goods orders was limited, as markets were focusing on the underlying data rather than the jump in the headline measure, which left the USD/JPY currency pair holding below the 111.40 mark. The report showed that total orders for durable goods in the US surged 6.5% over the course of June compared with a 3.2% uptick expected by economists, while the core gauge posted a 0.2% gain, missing analysts' forecasts for a 0.4% climb in the reported month. Overall, the data released yesterday suggested a steady underlying improvement in conditions despite the fact that the surge was mainly driven by a sharp rise in aircraft orders, which sent capital goods orders soar 19% over the month of June.
US Advance GDP
The most important macroeconomic data releases of them all will occur during today's trading session. The US Aadvance GDP is set to be released at 12:30 GMT. The data release will be covred by the Dukascopy Research team on the live webinar.
XAU/USD remains near 1,260 mark
The consolidation of the gains of the yellow metal was short lived, as the combined support of the 55 and 100-hour SMAs managed to stop the fall and immediately reverse it on Thursday. Since then the commodity price has been constantly finding support in the monthly pivot point, which is located at the 1,258.37 mark. Most likely during Friday's trading session the bullion will make attempts to break through the resistance of the weekly R1. The first weekly resistance level is located at the 1,264.80 mark. The impulse for the surge could be and likely will be provided by the support of the 55 and 100-hour simple moving averages, which on Friday morning were located, respectively, at 1,256.19 and 1,255.27.
Hourly Chart
The daily chart reveals that the metal's price has hit a combined resistance of various trend lines and the weekly R1. Meanwhile, the closest support to the commodity price is located at the 1,250 mark.Daily Chart
SWFX traders remain almost neutral
Traders of Dukascopy are neutrally bearish, as 52% of open positions are short. Meanwhile, 54% of set up orders are to buy the metal.
OANDA Gold traders remain with a strong bullish outlook, as open positions are 65% long on Friday. In the meantime, SAXO bank sentiment is 56% bullish.