- SWFX traders are 51% bullish
- 65% of pending commands are to buy the bullion
- The metal's price started the day's trading at 1,213.05
- Upcoming Events: US JOLTS Job Openings
The yellow metal is bouncing around just above the lower trend line of the medium term descending channel pattern. The result of today's trading session will reveal whether the bullion's price will fall for the rest of the week or a rebound up to the 1,220 mark will begin.
US private companies showed a stronger-than-expected job growth in June, indicating that the labour market continued strengthening further. The official Labour Department's report showed that the country's private sector added 222K jobs last month, surpassing market expectations for a modest increase of around 175K in June. Meanwhile, May's figure was revised up to 152K from 138K registered previously.
JOLTS Job Openings in focus
Another quiet Monday is set to be the tenth of July for fundamental event traders. The reason for that is the fact that only one minor data release is scheduled for the day and worth mentioning. It will be the JOLTS Job Openings data at 14:00 GMT.
XAU/USD trades near trend line
The yellow metal has declined once more to the lower trend line of the long term descending channel pattern. The commodity price tested the strength of the support line already on Friday. On Monday morning the bullion continued to test the support. If it gets passed, and the pattern is broken, the bullion would retreat down to the 1,198.51 level, where the second monthly support is located at. Meanwhile, if the support line proves its strength, the commodity price might jump back up to the 1,220 mark, where the monthly S1 together with the 55 and 100-hour simple moving averages are located. In either of the cases Monday's trading session is most likely set to reveal the direction of the metal for the rest of the week.
Hourly Chart
On the daily chart there is additional information, in regards to the levels of significance. First of all the bullion has passed the support of the lower Bollinger band, which was bent downwards already on Friday. Meanwhile, the 1,200 mark is guarded also by the weekly S1 at the 1,199.33 level. In regards to the resistance, the weekly PP has moved to the 1,221.18 mark this week.Daily Chart
SWFX market is almost neutral
Traders of Dukascopy have not changed their open position proportions since Wednesday, as 52% of traders are bullish. Moreover, 65% of trader set up orders are to buy the commodity.
OANDA Gold traders have decreased their bullish outlook, as open positions are 72.20% long on Monday, compared to 75.47% on Friday. In the meantime, SAXO bank sentiment is 63.01% bullish.
Spreads (avg, pip) / Trading volume / Volatility
Market participants foresee the price of gold being at 1,300 in three months
Traders who were asked regarding their longer-term views on gold during the last month expect, on average, to see the metal around 1,300 in October. Generally, 65% (+4%) of participants believe the price will be above 1,300 in ninety days. Meanwhile, most people see the bullion in the 1,350-1400 range, as 29% (+2%) see the metal in that range.