- 54% of all SWFX open positions are long
- 62% of pending commands were to buy the metal
- The bullion opened at 1,190.32
- Upcoming Events: US Unemployment Claims; FOMC Member Evans Speaks; FOMC Member Harker Speaks
The number of job openings in the United States was little changed in November, according to the latest data released on Tuesday. The Bureau of Labor Statistics reported monthly job openings dropped to 5.52 million during the reported month, missing analysts' expectations of 5.59 million. Meanwhile, October's level was revised down to 5.45 million from 5.53 million. The JOLTS report is closely followed by the Federal Reserve Chair Janet Yellen. Jobs in local government, excluding education, climbed to more than 32,000, whereas private job openings overshoot government hires by 48,000. Over the month, hires and separations were also little changed at 5.2 million and 5.0 million, respectively, while the layoffs and discharges rate remained unchanged at 1.1% during the eleventh month of the year.
Other data released Tuesday showed US wholesale inventories rose to a seasonally adjusted annual rate of 1.0% in November from 0.9% in the previous month. This marked the largest increase since November 2014.
Upcoming fundamental releases: FOMC speakers and unemployment
The strength of the US Dollar during today's trading session will be influenced by fundamental data and speeches at 13:30 GMT. The US Unemployment Claims number is the one to most likely influence the strength of the Buck the most. In addition, the US Import Prices might also give a surprise. Moreover, two FOMC members are set to speak publicly during that time, as Evans and Harker will speak to the public.
Gold surges to 1,200 mark
Daily chart: The yellow metal scored new heights during Thursday's trading session, and it was set to continue to gain even more. The bullion jumped due to US Dollar weakness caused by Trump's speech on Wednesday. The commodity price passed the 1,200 mark and did not show signs of stopping the surge. It is most likely that the bullion will surge up to the 1,206.74 mark, where the second weekly resistance level is located at. In addition, during Thursday's trading gold also broke out of the medium and large term channels, in which it had traded.Daily chart
Hourly chart: The hourly chart for the bullion reveals that there was a breakout to the downside during yesterday's trading from a minor triangle patter. However, the bullion recovered and continued the surge. In addition, at the moment of writing the metal's price was moving above the 1,200 mark and approached the 1,206.74 level, where the second weekly resistance is located at.
Hourly chart
SWFX trader sentiment bullish
OANDA Gold traders have once more decreased their largely optimistic outlook on the yellow metal, as open positions were 73% bullish on Thursday, compared to 76% previously. Meanwhile, traders of SAXO bank have also decreased their bullish outlook in terms of prospects for the metal, as today showed 62.98% of traders betting the metal will surge, compared to 67.21% during the previous session.