- SWFX traders are 54% bearish
- 52.32% of pending commands are to buy the bullion
- The metal's price started the day's trading at 1,261.08
- Upcoming Events: US Preliminary Nonfarm Productivity; US Preliminary Unit Labor Costs
The surge of the yellow metal continued during Wednesday morning hours. Moreover, the bullion managed to pass smaller timeframe resistance levels, and the commodity price even ignored the much better than expected US fundamental data.
The Labour Department released its Job Openings and Labour Turnover Survey, or JOLTS, which revealed that the number of job openings jumped 461K to a seasonally adjusted 6.16M, following the preceding month's upwardly revised figure of 5.70M. The better-than-expected data bolstered optimism over the future of the labour market, as the gap between hiring and job openings indicated qualified workers' shortages, which would sustain upward pressure on pay growth.
Single US release
On Wednesday the financial instruments, which involve the US Dollar, might be influenced by two data sets. It will be the release of the Preliminary Nonfarm productivity and Preliminary Unit Labour Costs data sets. The data sets will be released simultaneously at 12:30 GMT. However, the data release will not be covered by the Dukascopy Research Team.
XAU/USD increases volatility
Fundamental changes form the US Dollar side have taken place in the financial markets. As a result, the price of the yellow metal has changed. In general, the JOLTS Job Openings data was released at 14:00 GMT on Tuesday and revealed such a high number, compared to the average market forecast, that the Greenback jumped. Due to that move the pair sort of reached the lower trend line of the recently adjusted descending channel pattern. Afterwards a rebound took place and the metal was already at the upper trend line of the channel down pattern on Wednesday morning. It still had to be seen whether the metal bounces off the resistance and a short term decline begins or the surge continues. The outcome will be possible to forecast as the bullion moves away from the trend line.
Hourly Chart
After all, during the Tuesday fluctuations, the strong support level just above the 1,250 mark was reached. It provided the needed momentum from a technical perspective for the metal to begin a surge, which from a daily perspective might reach the 1,270 mark.Daily Chart
SWFX traders remain
Traders of Dukascopy remain in the neutral zone, as 54% of open positions are short. Meanwhile, the pending commands keep bouncing around, as bulls are again dominating with 52% of orders set to buy the metal.
OANDA Gold traders remain bullish, as open positions are 56% long. In the meantime, SAXO bank sentiment is 60% bullish.