- SWFX market sentiment is 63% bullish
- 62% of pending orders in 1000-pip range are set to BUY Gold
- US Advance GDP
Friday's session begins with XAU/USD trading with low volatility
The Energy Information Administration released the US Crude Stocks data that came out lower-than-expected of negative 6.1M, compare to forecasted negative 2.6M.
Olivier Jakob a Founder, Managing Director and Editor at Petromatrix said: "The passage is not as crucial as the Strait of Hormuz ... but restricted flows through it would have an impact not just for crude but also for products due to the longer voyage time that is needed to sail by the Cape".
US Advance GDP
The main fundamental event today is the US Advance GDP at 12:30 GMT. This data release will be covered by Dukascopy research team at bank live webinar.
XAU/USD moved closer to lower boundary of an ascending channel
Downside risks prevailed on Thursday, thus guiding Gold past the 55-, 100– and 200-hour SMAs and down to 1,223.00. This has revealed the existence of an ascending triangle. The upper boundary of this pattern is a weekly resistance at 1,235.00, while lower one is a channel line.
In line with this pattern, the pair should reverse back to the upside and test the aforementioned resistance in this session. However, the strong cluster at 1,230.00 could prevent the yellow metal from appreciation. In this scenario, there is no support until the monthly S2 at 1,206.00.
Hourly Chart
XAU/USD commodity price maintains the narrow ascending channel.
Daily Chart
Swiss traders are still bullish on XAU/USD
63% open positions of SWFX market traders are going bearish. The same situation is apparent with pending orders which were standing at 62% are to BUY.
OANDA traders are bullish on the commodity with 79% of open positions being long on the XAU/USD pair today. Saxo Bank traders are likewise bullish with 76% long positions. This shows that institutional traders are considerably bullish on Gold, while retail ones are more cautious.