- SWFX market sentiment is 75% bullish
- Pending orders in the 1000-pip range set to sell in 65% of all cases
- Last US data was released on Thursday
Gold prices have jumped, breaking almost all resistance up to the 1,210.00 mark. If that level would be passed, the 1,230.00 mark might be targeted next.
The Bureau of Labor Statistics released US PPI data that came out in line with expectations of 0.2%.
"The Producer Price Index for final demand increased 0.2 percent in September, as prices for final demand services rose 0.3 percent, and the index for final demand goods decreased 0.1 percent. The final demand index advanced 2.6 percent for the 12 months ended in September." the U.S. Bureau of Labor Statistics announced on Wednesday.
All data impacting gold prices is over.
The week was rather empty, but data releases were over on Thursday noon.
First two macroeconomic data releases will occurred on Wednesday. At 08:30 GMT the GDP and Manufacturing Production of the United Kingdom was released. Afterwards, at 12:30 GMT the US PPI and Core PPI data sets were out.
The third event was the publication of the US CPI and Core CPI data at 12:30 GMT on Wednesday.
Meanwhile, note that the weekly Crude Oil Inventories were about to be published at 18:00 GMT. The data release will be covered by Dukascopy Analytics on the bank's webinar platform.
XAU/USD short term forecast
In regards to the near-term future, the metal will test the last resistance before 1,227.33. Namely, it might pass the weekly R1 at 1,210 and gain additional 20 US Dollars.
Hourly Chart
The most dominant pattern's resistance was reached, as expected. Although, it has not held its ground and gold prices have surged past it.
Due to that reason, the junior long term ascending pattern is set to guide the metal higher.
Daily Chart
Some traders take profits
Since Monday, Swiss Traders were long on the metal in 74% of all cases. On Thursday, some took profit, as the proportion decreased to 73%.
Meanwhile, most trader set up pending orders are set to buy the metal by closing short positions or opening additional long positions. Namely, 58% of all trader set up orders are set to buy the metal under various conditions.
Previously, it could be observed that Dukascopy traders ignored the various fluctuations of the metal and they continued to be long. The strategy has paid off and will give additional profit, if the 1,210.00 level are passed.