- Market sentiment is 52% bullish
- 55% of pending orders in 1000-pip range are set to SELL Gold
- Various webinars starting from 12:00 GMT
On Tuesday morning the yellow metal's price remained below the 1,300 mark. Moreover, the short term direction of the commodity price was rather unclear.
The Census Bureau released two data sets simultaneously, where Residential Building Permits for the month of April came out in line with a forecast of 1.35M, moreover, the same number was released in the previous period.
The US Dollar's slight weakening may be affected due to the lower-than-expected Housing Starts data of 1.29M, compared to the forecast of 1.32M.
Tutorial sessions instead of Data Releases
This Tuesday there are no notable data releases scheduled to occur on the economic calendar. However, Dukascopy analytics are offering other useful webinars during the day.
First will be the Introduction to Trading Ideas webinar at 12:00 GMT. During that webinar the publication that you are reading and its elements will be covered and explained in detail. Afterwards will follow a questions and answer session with our senior analyst and webinar hosting community traders.
As soon as the Trading Ideas webinar ends, another one will start. Introduction to Simple Moving Averages will start at 13:00 GMT. The webinar's purpose will be to explain SMAs in detail and host a subsequent QA
XAU/USD more bullish today
Following an upside breakout of the short-term triangle, Gold was expected to surge towards the 1,300.00 area. This scenario, however, was not fulfilled as the pair fell back again, made a false breakout from the senior channel and went for another surge on Monday.
Even though the 55- and 100-hour SMAs were breached during the second part of that session, the yellow metal failed to surpass the 1,295.00 mark which has provided strong resistance within the past week.
In general, the base scenario for today favours further advance up to the 1,300,00 mark, as the aforementioned moving averages could provide strong support. Meanwhile, it is unlikely that a fall goes beyond 1,280.00.
Hourly Chart
The daily timeframe chart shows that the most dominant support, which was pierced on Monday, was still holding ground on Tuesday morning. Namely, the commodity began to once more respect the support after it returned back above it.
However, while watching the daily chart, one can spot that the 1,300 mark is set to serve as a strong resistance level, as the weekly PP and the 50.00 Fibonacci retracement level are located just above the notable level.
Daily Chart
Swiss market sentiment is almost neutral
SWFX market sentiment is bullish with 52% of traders holding long positions in this session. Meanwhile, pending commands are set to sell the yellow metal in 57% of all cases.
OANDA traders remain bullish, as 67% of open positions are long in this session. In addition, Saxo bank clients share the same sentiment with 69% long positions.