- Market sentiment is 52% bullish
- 57% of pending orders in 1000-pip range are set to SELL Gold
- Upcoming fundamental events: US Monthly Employment Data at 12:30 GMT
The yellow metal failed to pass the last resistance, which it faced on Thursday, As a result on Friday the commodity price was already located between most notable short term support levels.
The Automatic Data Processing Inc. released better-than-expected Non-Farm Employment Change data of 204K for the month of April. The data exceeded forecasts for the fifth consecutive month.
"The labor market continues to maintain a steady pace of strong job growth with little sign of a slowdown," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
Join the webinar at 12:00 GMT
Today Swing Traders will be paying attention to the US monthly employment data sets, which will be released at 12:30 GMT.
Tune in to see the live coverage done by Dukascopy analysts on our live webinar platform at 12:20 GMT. In addition, at 12:00 GMT this week's Friday webinar of the Analytics team will start. This Friday a full overview of our publications is planned together with a questions and answers session in the chat.
Gold fails to reach 1,320 mark
The yellow metal has broken the previously drawn junior ascending pattern. However, it extended its gains during Thursday's trading sessions before finally being stopped by the 200-hour simple moving average.
On Friday morning the commodity had been pushed down below various levels of significance, which were located from the 1,310 to 1,320 levels. It could have been clearly spotted that, if the 55-hour SMA would get passed, the commodity might once more reach for the strong support cluster, which was located just above the 1,301 mark.
Hourly Chart
As apparent on the daily chart, Gold has not surrendered its ranging motion. This medium-term pattern began late in December, 2017, and has since bounded the rate in the 1,360.00/1,312.00 territory.
The pair's movement last week marked a strong decline down to the 100-day SMA and the lower range boundary. It is likely that this range gets abandoned soon just to allow for a further fall down to the 200-day SMA and the 23.60% Fibonacci retracement near 1,300.00 this week.
Daily Chart
Swiss market sentiment becomes bullish
SWFX market sentiment is bullish with 52% of traders holding long positions in this session. Meanwhile, pending commands are set to sell the metal in 52% of all cases.
OANDA traders remain strongly bullish, as 70% of open positions are long in this session. In addition, Saxo bank clients share the same sentiment with 72% long positions, which is a+5% change, compared to yesterday.