- SWFX market sentiment is 63% bullish
- 56% of pending orders in 1000-pip range are set to BUY Gold
- US Core Durable Goods Orders
Breakout has occurred through the upper boundary of a descending channel on the XAU/USD pair today.
The Census Bureau released Residential Building Permits data that came lower-than-expected of 1.27M, compare to forecasted 1.33M and lower from the previous period.
A member of the California Mortgage Bankers Association, Rob Chrisman said: "More talk of the difficulty builders have finding labor, as well as the constraints they are facing with higher land, labor, and material costs. Yet the Federal Reserve's Beige Book for June noted that contacts in ten out of twelve districts reporting moderate or modest growth."
US Core Durable Goods Orders
The main fundamental event today is the US Crude Oil Inventories at 12:30 GMT. This data release will be covered by Dukascopy research team at bank live webinar.
XAU/USD breakout occurred
Gold continues to appreciate against the US Dollar in a short-term ascending channel for the fourth consecutive day. This upside momentum weakened during the previous session, as a surge was restricted by the 200-hour SMA and a weekly resistance at 1,235.00.
Given that the pair has overcome this long-term SMA and the 55-period one on the 4H chart, the yellow metal is expected to continue its upward movement today, as well. This movement should be supported by the 55– and 100-hour SMAs.
The nearest resistance is the channel line and the 100-period SMA at 1,240.00. Another resistance is the 200-period SMA at 1,260.00.
In case bears manage to take over the market, no support is limiting a fall until the senior channel near 1,210.00.
Hourly Chart
XAU/USD commodity price has revealed a new junior ascending channel.
Daily Chart
Swiss traders are still bullish on XAU/USD
63% open positions of SWFX market traders are going LONG. The same situation is apparent with pending orders which were standing at 56% are to BUY.
OANDA traders are bullish on the commodity with 77% of open positions being long on the XAU/USD pair today. Saxo Bank traders are likewise bullish with 71% long positions. This shows that institutional traders are considerably bullish on Gold, while retail ones are more cautious.