- SWFX traders are 51% bearish
- 60% of pending orders in 1000-pip range are set to BUY the gold
- Gold price rebounds trades near 1,316.13
- Upcoming events: FOMC Member Bostic and Williams Speaks
New trading week the exchange rate started with a plunge to the updated weekly PP, which was additionally secured by the 55- and 100-hour SMAs. In short run, this combines support should led to a rebound.
The US employment growth weakened significantly in December due to a decrease in retail jobs, while a surge in monthly pay gains indicated the labour market strength, which could enable the Federal Reserve to hike interest rates in Spring. The Labour Department stated that the non-farm payrolls increased 148K in the reported month, following an upwardly revised 252K in November. Job growth is anticipated to moderate as the labour market remains close to full employment, though with some chances to get a boost from $1.5T tax cuts package.
No releases
Today economic calendar does not contain any macroeconomic data releases that could notably affect valuation of the given commodity pair.
XAU/USD fails to break below 55-hour SMA
In result of the previous trading session the exchange rate slipped to the lower trend-line of a junior ascending channel, as expected. Although the pattern has been broken, the further plunge still seems unlikely, as the southern side is reliably covered by a combination of the updated weekly PP at 1,316.13 and the 55- and 100-hour SMAs. For this reason, the pair is likely to make one more attempt to reach the upper boundary of a dominant five-month long descending channel. Due to absence of any significant data releases the rate might spend most of this week fluctuating between the above trend-line from the north and technical indicators from the south. In larger perspective, bears are projected to take the lead for notable amount of time.
Hourly Chart
On daily chart pair is trading slightly below the upper trend-line of a descenidng channel that represents a part of a larger channel up. In the next one-two weeks the rate is expected to make a fully-fledged rebound return back to the 61.8% Fibonacci retracement level located at the 1,311,48 mark (and then continue the downward movement).
Daily Chart
Markets sentiment is neutral
SWFX market sentiment is neutral on Gold, as 51% of open positions are short. Accordingly, the same number of pending commands is set to buy the commodity.
OANDA traders are bearish, as 57% of open positions are short (+0%). In the meantime, SAXO bank traders are 52% bearish.