Gold jumps on US data

Note: This section contains information in English only.
Source: Dukascopy Bank SA

The metal broke the resistance of the 1,505.00 level, as the US ISM Non-Manufacturing PMI beat down the value of the USD on all charts.

US ISM Non-Manufacturing PMI

The Institute for Supply Management released the US ISM Non-Manufacturing PMI survey data results, which came out worse-than-expected of 52.6 compared to the forecast of 55.1.

The Chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee Anthony Nieves commented: "The non-manufacturing sector pulled back after reflecting strong growth in August. The respondents are mostly concerned about tariffs, labor resources and the direction of the economy."




Economic Calendar Analysis

The week will end with the biggest event of the month in the US, the employment data publication, on Friday at 12:30 GMT. The release will consist of three data sets being published. The Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings.

The Average Hourly Earnings is the top number to watch. It is closely followed in importance by the Non-Farm Employment change. Meanwhile, the Unemployment Rate can be ignored by financial traders.

Meanwhile, next week's notable event overview and historical data tables have been published. Click on the link below to see the article with the data.


XAU/USD short-term forecast

On Friday morning, gold consolidated by trading sideways below the 1,510.00 level. In addition, it was decreasing volatility, which signalled that a sharp move is upcoming.

Most likely, the price of gold could move upwards, as it faces no technical resistance above it, as high as the 1,525.00 mark.

Meanwhile, a drop of the rate would face the support of the 55 and 200-hour SMAs and a monthly pivot point at 1,500.00.

Hourly Chart



On the daily candle chart, the price for gold has passed the resistance of the 55-day SMA. In general, the SMA can no longer be used for guidance, as the rate has both passed its support and broken resistance during this week.

Daily Chart


Traders remain neutral

On Friday, 53% of open gold position volume on the Swiss Foreign Exchange was in short positions.

Meanwhile, in the 1000 base point range around the current metal's price the pending orders were bullish– 54% of orders were to buy and 46% to sell.

Previously, the orders were 57% to sell.

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