- Market sentiment is 51% bullish
- 52% of pending orders in 1000-pip range are set to SELL Gold
- US Crude Oil Inventories
The XAU/USD pair has been fluctuating between the upper and lower boundaries of a descending channel. Technical indicators demonstrate that the commodity could decline within this session.
The Bureau of Labor Statistics released three data simultaneously from which two of them: Non-Farm Employment Change data and Average Hourly Earnings data came out lower-than-expected of 164K and 0.1% respectively.
However, Unemployment Rate data came out better-than-expected of 3.9% instead of the 4.0% forecast; it was not enough to stop the currency to go upwards.
US PPI and Core PPI data releases
The main fundamental event today is the US Crude Oil Inventories at 2:30 GMT.
Meanwhile, some other data releases are scheduled at 12:30 GMT. Namely, the US PPI and Core PPI which will be covered by Dukascopy research team at bank live webinar.
XAU/USD trading with high volatility
The yellow metal remained tangled around the 55-, 100– and 200-hour SMAs for the third consecutive session on Tuesday. As a result, the pair was not able to form a distinctive move either direction and thus remained trading in the 1,307.00/1,317.00 range.
Two new and opposing channels were drawn on the chart to track the pair's short-term movement. Thus, traders should observe which pattern Gold follows during this trading session. In case the pair respects the more senior one and thus reverses to the upside at 1,308.00, a surge up to 1,330.00 is likely to follow.
On the other hand, a breakout of the 1,308.00 level should result in further decline down to the senior channel and the 50.0% Fibonacci retracement at 1,300.00.
Hourly Chart
On the daily time-frame, technical indicators signal a strong bearish sentiment that allays with the descending pattern.
Daily Chart
Swiss market sentiment remain bullish
SWFX market sentiment is bullish with 51% of traders holding long positions in this session. Meanwhile, pending commands are set to sell the yellow metal in 52% of all cases.
OANDA traders remain bullish, as 70% of open positions are long in this session. In addition, Saxo bank clients share the same sentiment with 71% long positions.