- SWFX traders are 53% bearish
- 56% of pending commands are to buy the metal
- The bullion is not traded on Friday
-
Upcoming Events: US CPI; US Core CPI; US Retail Sales; US Core Retail Sales
The yellow metal is not traded on Friday. However, additional information from Thursday can be analyzed. Most clues indicate that the bullion's price will resume a surge after the holidays. However, a strong hypothesis needs to be built to confirm that reason, as various speculators and investors have more than enough time for analysis.
US producer prices dropped unexpectedly last month due to the lower cost of services and energy products. The Labour Department reported on Thursday that its Producer Price Index dropped 0.1% in March, following the preceding month's gain 0f 0.3% and falling behind analysts' expectations for a 0.0% reading. That marked the first decline since August 2016. On an annual basis, however, the PPI was up 2.3% last month, the largest gain since March 2012, compared to February's increase of 2.2% The cost of services fell 0.1%, accounting for about 75% of the drop. The price of energy plunged 2.9%, with gasoline prices falling 8.3%. Back in February, energy prices were 0.6% up.
Watch More: Dukascopy TV
Upcoming events: CPI and Retail Sales
During today's trading session there is only one time, when market participants should watch for an increase in volatility in the financial markets. That time will be 12:30 GMT. At that time the US CPI, Core CPI, Retails Sales and Core Retail Sales data packages will be released simultaneously. The data release will be covered by the Dukascopy research team on the bank's online webinar platform.
Read More: Fundamental Analysis
Gold remains below 1,290
On Friday morning the yellow metal's price remained unchanged, as it was not traded due to Easter Holidays. However market participants have the information of the later hours of Thursday to analyze. The bullion initially declined as a consolidation occurred on Thursday. However, the metal managed to regain strength and even score gains by the end of the day, as the day's trading ended at the 1,288.40 level. Gold was stopped on its way to the 1,300 level, which is most likely going to be reached after the holidays.
Daily chart
The hourly candles are flat on Friday. However, by looking at the previous information, notable statements can be made. First it can be seen that the metal fell almost two times below the weekly R2. Secondly, after the last rebound the metal's price had set a clear path of a surge, which might resume later.Hourly chart
Read More: Technical Analysis
Markets remain neutral
Trader positions have not changed and remain 53% bearish. Meanwhile, 56% of trader set up orders are to buy the metal.
OANDA Gold traders are neutral, as open positions are 51.15% long on Friday, compared to 50.75% previously. Meanwhile, traders of SAXO bank are also neutral, as 53.31% of open positions are short, compared to 51.69% positions on Thursday.
Spreads (avg, pip) / Trading volume / Volatility
Market participants foresee the price of Gold being near 1,300 in July
© Dukascopy Bank SATraders who were asked regarding their longer-term views on gold between March 14 and April 14 expect, on average, to see the metal near 1,300 in July. Generally, 53% (+2%) of participants believe the price will be above 1,300 in ninety days. Alongside, 35% of those surveyed reckon the currencies will trade in the range between 1,100 and 1,300 over the next three months.