- Market sentiment remains 53% bearish
- 67% of pending orders in 1000-pip range are set to SELL gold
- Join the webinar for US GDP release at 12:20 GMT
The bullion on Friday continued to trade in the previously discovered channel down pattern. However, the commodity simultaneously remained in another descending channel pattern and it was about to get squeezed in between the lines of these two patterns.
The Census Bureau released two data simultaneously, where Core Durable Goods Orders came out less-than-expected of 0.0%.
However, Durable Goods Orders came out better-than-expected of 2.6%. Moreover, Unemployment Claims turned out to be 209K in March.
Join the webinar at 12:20 GMT
The most important macroeconomic data set of the quarter will be released today. Namely, the US Advance GDP will be published at 12:30 GMT.
The data release will be covered on the bank's live webinar platform. The cover of the data publication will begin at 12:20 GMT. However, join at 12:00 GMT to participate in the live quiz about this week's stock earnings announcements.
Gold still bearish
Following a rather calm Thursday morning, Gold was pressured lower by the strong resistance of the 55-hour SMA. As a result, the pair failed to reach the upper boundary of the dashed short-term channel.
This three-hour decline was stopped by the 38.20% Fibonacci retracement located at 1,316.67 where the pair had remained during the Asian session, as well. Some moderate downside potential is still apparent in the market today.
Meanwhile, high volatility is likely to occur mid-session after the US Advance GDP is released at 1230GMT. In general, the pair might be reluctant to push above the 1,330.00 mark, while no strong support levels are restricting the pair until the distant 1,300.00 where the 50.0% Fibo, the monthly S1 and the senior channel are located.
Hourly Chart
The daily chart shows that the commodity price continues to score new low levels. In addition, the 100-day SMA was already passed on Friday. This indicates that, if the 38.20% Fibonacci retracement level's support gets passed, then the rate will reach for the 1,300 mark.
Regarding the medium term future, it is still being expected that a medium term pattern reveals itself.
Daily Chart
Dukascopy traders are shorting the metal
SWFX market sentiment remains bearish with 56% of traders holding short positions. Meanwhile, pending commands were set to buy the metal in 58% of all cases.
OANDA traders are bullish, as 60% of open positions are actually long In addition, Saxo bank traders are 62% long.