- SWFX traders are 54% bullish
- 69% of pending orders in 500-pip range are set to BUY the gold
- Price surges in rising wedge
- Upcoming Events: US Prelim UoM Consumer Sentiment, APEC Summit
The bullion is continuing to trade against the buck in large ascending channel and junior rising wedge formation. As long as moving averages provide reliable support and market sentiment remains generally bullish, the exchange rate is expected to keep climbing to the top.
The JOLTS report showed that demand for workers in the US remained solid, with 6.1M job openings registered in September. The job opening rate, as well as pace of hiring were unchanged at 4% and 3.6%, respectively. Despite the recent hurricanes' fallout, levels were steady, indicating the resilient labour market. However, nearly 1.7M people were laid off or fired in September, compared with 1.5M a year ago.
Empty Friday
There are scheduled no data releases that might notable shaken the given exchange rate.
XAU/USD continues to climb in rising wedge formation
The yellow metal is continuing to trade against the buck at the intersection of large ascending channel and junior rising wedge formations. Although the larger pattern managed to constrain the bullish sentiment for now, but the rising 55-, 100- and 200-hour SMAs as well as ongoing concerns over implementation of the US President Donald Trump's tax plan suggest that such upward movement is going to continue and might actually reach the upper trend-line of another dominant descending channel near the 1,293.00 mark. However, from daily chart perspective the breakout from rising wedge formation is expected to happen earlier near the 1,288.00 level.
Hourly Chart
On daily chart the exchange rate continues to slowly climb upstairs in an unconfirmed rising wedge formation. Deprecation of the Dollar against all major currencies suggests that the pair might make a breakout already by the end of this day in beginning of the next week.
Daily Chart
Markets sentiment remain bullish
Traders of Dukascopy are neutrally bullish on valuation of the gold, as 56% of open positions are long. Accordingly, 56% of pending commands are to buy the commodity.
OANDA traders are bullish, as 71% (+1%) of open positions are long, compared to previous trading day. In the meantime, SAXO bank traders are less bullish, as 56% (+3%) of open positions are long.