- SWFX market sentiment is 61% bullish
- 68% of pending orders in 1000-pip range are set to BUY Gold
- Data sets influencing the USD
The technical charts of the Bullion have been adjusted. One can see the new patterns that guide the metal.
The Institute for Supply Management released the monthly US Purchasing Managers' Index data that came out better-than-expected of 60.2, and better from the previous period.
Ross J Burland stands: "It appears that steady business expansion and elevated optimism persisted despite elevated trade concerns. Much of the upside surprise in the topline index in the June report, however, can be attributed to the suppliers delivery index."
Busy Thursday has come
For the whole week the US macroeconomic data traders were expecting Thursday. The day has come. There will be notable data releases occurring that will influence the financial markets through the strength of the US Dollar.
There will be two releases. Namely, ADP Non-farm Employment Change at 12:15 GMT and the ISM Non-Manufacturing PMI at 14:00 GMT.
Both data releases will covered by the Dukascopy Analytics team on the bank's live webinar platform. Both coverages will begin ten minutes before the data gets released.
Gold charts are fully reviewed
After the sudden surge on Tuesday, a full review of the yellow metal's charts has been conducted on Thursday.
Basically, the commodity price is surging in a medium term pattern in the borders of a larger dominant descending pattern. However, the medium term pattern is most likely representing the junior move in another larger pattern.
Meanwhile, note that the price was at a crossroad during the review. Namely, it was about to either confirm or break the speculated medium pattern near the 1,251.00 mark.
Hourly Chart
It was initially thought that the lower trend line of the dominant descending channel was broken. However, it seems that the recent movements have actually revealed the actual borders of the commodity price.
That is the only basis for the surge that can be seen from a technical perspective. Namely, the methodology used by Dukascopy analytics to measure market movements.
Daily Chart
Swiss markets are massively bullish
61% open positions of SWFX market traders were long during the midday hours. The Swiss Market sentiment previously was 60% long.
Meanwhile, trader set up orders are 63% bullish. The orders previously were only 54% bullish.
The data reveals that there are a lot of new players in the market that expect the breaking of resistance levels. If and as that occurs, they will buy into the bullion and push it even higher.
OANDA traders are bullish on the pair with 80% of open positions are going long on the XAU/USD pair today.
At the same time, Saxo Bank traders were likewise bullish with 72% long positions. The bank's traders have reopened long positions, as previously 70% of open positions were long.