- SWFX traders are 51% bullish
- 51% of pending orders in 500-pip range are set to BUY the gold
- Gold meets resistance at 1,295.00
- Upcoming Events: Quiet Friday
In result of fluctuations in a limbo between the 1,295.00 and 1,287.22 levels the exchange rate has formed a minor symmetrical triangle. Generally, the pair expected to continue moving to the top. However, in short-term the breakout might happen in southern direction.
Commerce Department stated that the US durable goods orders fell sharply 1.2% in October, while its core measure marked slightly weaker increase of 0.4% in the same period. However, the solid growth trend was sustained, pointing to the stronger contribution to the GDP in the Q4. Meanwhile, the FOMS minutes suggested that the key interest rate could be raised soon, if the medium-term prospective remain upbeat.
Thanksgiving day in US
Due to holidays in the United States there are scheduled no macroeconomic data releases that could cause notable price movements today.
XAU/USD forms symmetrical triangle
On the one hand, in first half of the previous trading session the exchange rate expectedly tried to slip to the weekly PP at 1,287.22. On the other hand, without sufficient liquidity related to beginning of holidays in the United States the pair could not surge above resistance near the 1,293.00 either. As a result, it formed a minor symmetrical triangle, which is expected to be broken by the end of this week. The breakout to the bottom seems unlikely, as the aggregate market sentiment remains 54% bullish and the pair is generally advancing in an ascending channel. But even if it happens the plunge is unlikely to go below the above weekly PP that is additionally backed up by the 55- and 100-hour SMAs. However, in case of surge it is still doubtful that the pair will sneak above the 1,295.00 mark.
Hourly Chart
Previous trading session also did not bring any notable changes to the overall picture, as the exchange rate continues to fluctuate within medium-term ascending channel. For now, there are no factors that could dissolute this pattern.
Daily Chart
Markets sentiment remain bullish
Traders of Dukascopy became neutral on valuation of the gold, as 51% of open positions are long. Accordingly, 51% of pending commands are to buy the commodity.
OANDA traders are bullish, as 64% (+0%) of open positions are long, compared to previous trading day. In the meantime, SAXO bank traders are less bullish, as 57% (+1%) of open positions are long.