- SWFX market sentiment is 68% bullish
- 54% of pending orders in 1000-pip range are set to BUY Gold
- Visual Jforex review at 12:00 GMT
XAU/USD was guided by a junior descending channel pattern.
The US Federal Reserve announcement Interest Rates that came in line with expectation of <2.00% and the actual rate of <2.00% .
James McCann, senior global economist at Aberdeen Standard Investments says: The Fed "has already attracted the ire of the president for raising rates. This political interference is clearly unhelpful but may return as September approaches. I can't see Trump's tweets making [Fed Chairman Jerome] Powell change his course but it will be a test of his mettle to navigate the minefield of questions he'll inevitably get."
US data at midday
On Monday, Dukascopy research team are planning to host one webinar. Namely, Visual Jforex trading review scheduled at 12:00 GMT on bank live webinar platform.
XAU/USD stop near the 1.2020 mark
Bears guided Gold to a new one-year low on Friday morning. The yellow metal managed to reverse its three-day decline mid-session and consequently gain 1.20% against the US Dollar. This advance was stopped by the 100-hour SMA and a channel line at 1,220.00.
It seems that bulls have not still gained the necessary strength to breach this resistance cluster, so it is more likely that the pair remains under the bearish pressure today. Today's low should be the senior line and the monthly S1 at 1,202.00. Technical indicators support this scenario.
Traders should look out for the 200-hour SMA at 1,222.00. If this line is breached, a surge up to the monthly PP is very likely.
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 bullish
68% of open positions of SWFX market traders are going long on the metal. Meanwhile, pending orders remain neutral, as 54% of set up orders are set to buy the metal.
OANDA traders are bullish on the commodity with 82% 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 was 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.