- SWFX market sentiment is 57% bullish
- 62% of pending orders in 1000-pip range are set to BUY Gold
- US GDP and Unemployment Claims at 12:30 GMT
On Thursday the yellow metal's price remained near the support of the long term descending channel pattern.Moreover, during the day's trading the bullion booked a new low level, as the 1,252.00 mark was touched.
The Census Bureau released Durable Goods Orders Ex Transportation data that came out lower-than-expected with a forecast of 0.5% in May, and also lower from the previous period.
According to Janis Macukans, a senior analyst at Dukascopy Bank SA, such effect can be explained by the opposing Durable Goods Orders and Core Durable Goods Orders divergences from the market forecasts. The data sets cancelled out each other's effect on the currency markets.
Final US GDP cover starts at 12:20 GMT
Today a medium impact data release is set to occur at 12:30 GMT. Namely, the US Final GDP is set to be published. Meanwhile, note that the GDP release will be accompanied by the weekly release of the US Unemployment Claims that the financial media pays more attention to.
Dukascopy Analytics will cover the data release on the bank's webinar platform. The data coverage will begin at 12:20 GMT.
Gold fails to accelerate
The yellow metal has failed to pick up momentum against the US Dollar even despite having edged lower for the second consecutive week.
The pair tried to appreciate during the first part of the day, but sluggish US Core Durable Goods Orders added some additional downside pressure for the following hours. This has resulted in the pair falling down to the two-month channel near 1,250.00 early on Thursday.
It is apparent that Gold remained stable during the previous session which suggests that a significant decline should not occur. The nearest support is the junior channel near 1,247.00.
Meanwhile, the still-weakened Gold is unlikely to overcome the resistance cluster formed by the 55-period (4H) and 200-hour SMAs at 1,270.00.
Hourly Chart
On the daily chart last Thursday Dukascopy Analysts spotted a new descending channel down pattern, which has guided the metal's decline since the middle of April.
As the monthly S2 was passed, the channel's lower trend line is set to support the commodity price down until it reaches the historical low level near the 1,235.00 mark. Moreover, at that level the third monthly pivot point support level is located at.
Daily Chart
Swiss traders are still bullish
57% open positions of SWFX market traders were long during the morning hours. The sentiment has not changed since Friday.
Meanwhile, trader set up orders remain mostly bullish with 55% of them being set to buy the yellow mental. Previously, nearly 70% of orders were to buy.
The most notable update to the sentiment situation is that most likely the traders, which intended to open a long position after the rate would reach above the mentioned monthly S2, have suddenly cancelled their buy orders.
OANDA traders are bullish on the pair with 79% of open positions are going long on the XAU/USD pair today.
At the same time, Saxo Bank traders were likewise bullish with 74% long positions.