- SWFX traders are 54% bullish
- 56% of pending commands are to buy the metal
- The bullion opened at 1,240.12
- Upcoming Events: US Unemployment Claims
US crude oil inventories jumped more than markets anticipated amid a sharp increase in imports and rise in Cushing crude inventories, official figures showed on Wednesday. According to the Energy Information Administration, US crude stockpiles climbed 13.8 million barrels during the week ended February 3, following the preceding week's gain of 6.5 million barrels and surpassing analysts' expectations for a rise of 2.7 million barrels. The EIA reported US crude oil imports averaged 1.1 million barrels per day last week, rising the most at the Gulf Coast, where inventories surged 10.9 million, the record weekly increase, to 267.6 million barrels. Crude stockpiles at Cushing, Oklahoma, jumped 1.1 million barrels.
Meanwhile, gasoline stocks dropped 869,000 barrels in the same week, topping forecasts for a 1.1 million-barrel rise. Distillate stocks advanced 29,0000 barrels, whereas analysts anticipated a 300,000 barrel-increase. The EIA also said that refinery utilization rates fell 0.5% to 87.7%, while demand for refinery feedstocks declined 54,000 barrels per day. As a result, the price of West Texas Intermediate futures climbed 0.5% to $52.47 per barrel, up from $51.22 ahead of the release, while Brent futures advanced 0.8% to $55.48 per barrel. Earlier this week, the American Petroleum Institute reported US crude stocks climbed 14.3 million barrels.
Upcoming events: US Unemployment Claims
The markets in general will be moved by the US Unemployment Claims at 13:30 GMT. That data release will be covered by the Dukascopy Research team live on the webinar, which will available for access by clicking on the notification on the trading platform.
Gold trades near 1,240 mark
Daily chart: The yellow metal traded rather flat during the early hours of Thursday's trading session. However, it is still set to gain, as the bullion was only searching for a support level which could continue to propel it higher. Moreover, the retreat only began due to the commodity price encountering the uptrend line, which has kept the surge steady for the past weeks. It is most likely that the support will be found in the monthly R1, which is located at 1,237.68. In addition, from a fundamental perspective the bullion is also set to surge.Daily chart
Hourly chart: The hourly chart shows that the bullion did not only surged to the uptrend line, but also moved out of the boundaries of the Bollinger bands. Due to that there was a short period of consolidation. However, most recently the commodity price is once more surging, as the combined support of the monthly R1 and the 20-hour SMA reversed the trend, and the SMA guides the metal's price higher.
Hourly chart
SWFX traders become bullish
OANDA Gold traders have a bullish outlook on the yellow metal, as open positions were 64% bullish on Thursday. Meanwhile, traders of SAXO bank also remain long, regarding the yellow metal, as 57.84% of open positions are bullish.