- SWFX market sentiment is 67% bullish
- 58% of pending orders in 1000-pip range are set to BUY Gold
- US data sets at 12:30 GMT
As expected, the bullion was pressured downwards in the last 24 hours, however the commodity price was set to touch the lower trend line of a dominant pattern.
The Census Bureau released the monthly Durable Goods Orders that came out lower-than-expected of 1.0% compare with forecasted 3.0%, but better than previous period.
"A senior investment manager Patrick O'Donnell, from Aberdeen Standard Investments, said: "It looks like the European side is trying to acquiesce to Trump's demands. They've got more to lose if tariffs look to be placed on autos, for example. So over multi-month horizon, we'll probably see lower tariffs globally".
US data at midday
On Friday, the monthly US employment data sets will be published at 12:30 GMT. The event will be covered by Dukascopy Analytics as a part of the Friday's webinar, which will begin at 12:00 GMT.
In addition, note that the ISM Non-Manufacturing PMI will be released at 14:00 GMT. It might cause an increase of trading volatility. Although, this data release will not be covered by Dukascopy Analytics.
XAU/USD approaches dominant support
The resistance of the simple moving averages managed to force gold prices lower. The descent had almost reached the 1,200.00 level by the middle of Friday's trading session.
However, the commodity price was still set to face various support levels below it properly touches the psychologically significant 1,200.00 level.
The lower trend line of a dominant pattern on Friday was located just above the 1,204.00 mark. In addition, the first monthly support pivot point level is located at the 1,202.25 mark.
Hourly Chart
Watch the dominant trend line. If it gets passed, new low levels will be reached and large scale drawing will be done. If it holds its ground, then approximate targeted high levels will be measured.
Daily Chart
Swiss traders remain largely bullish
67% of open positions of SWFX market traders are going long on the metal. Meanwhile, pending orders remain neutral, as 52% of set up orders are set to buy the metal.
OANDA traders are bullish on the commodity with 85% of open positions being long on the XAU/USD pair today.
Saxo Bank traders are likewise bullish with 76% long positions. Previously, 78% of Saxo trader were long on gold.
The data still shows that larger brokerage clients are more bullish on the metal. Although, the most notable new information is that the retail traders that dominate the Swiss Foreign Exchange sentiment are no longer massively expecting a surge.