Gold should reach 1,210.00 mark

• SWFX market sentiment is 73% bullish
• Pending orders in the 1000-pip range are set to buy in 63% of all cases
• No more relevant data

Gold is slowly continuing downwards after the previously described bounce off from the dominant resistance. In general, the metal was expected to fall back down to the 1,210.00 mark.

Previous week Dukascopy covered the US Crude Oil Inventories data release. Oil prices decreased after the US Crude Oil Inventories data release on Thursday at 15:00 GMT. The one-minute candle lost 31 pips, or 0.44% right after the data release. In the next minutes the rate was trading at the 71.30 level.

The Energy Information Administration released the US Crude Inventories data that came out lower-than-expected of 6M, compare to forecasted 2.3M.

No data for gold

XAU/USD short term forecast

On Thursday, most likely, the gold will trade down towards the 200-hour simple moving average at 1,209.98 mark. It is expected that the rate will be traded at 1,215.00 during the day. 

Besides, none of the technical indicators can prevent the rate from the downwards movements during the day.

Hourly Chart

Dukascopy Analysts adjusted the dominant ascending pattern's resistance line to match the recent booked high. It can be seen that, by doing the adjustment, a pattern with more confirmation points can be seen.

If this pattern guides the rate in the near future, the metal should decline or trade sideways until the end of this year.

Daily Chart

Sentiment remains long on gold

On Thursday, 73% of traders were long. The sentiment has been near the 70% mark since Friday,

Trader set up pending orders are still mostly set up to buy more gold. 71% of all orders are set to buy.

It seems that Duakscopy retail traders and gold holders still intend to buy more gold, as they expect it to gain even more value.