- Market sentiment remains 52% bullish
- 55% of pending orders in 1000-pip range are set to BUY Gold
- US data at 12:30 and 14:00 GMT
The yellow metal had once more retreated down to levels below 1,300. However, it did not linger long there, as at 1,298.00 the 200-hour SMA provided support to the commodity price.
The Census Bureau simultaneously released two data sets, where Durable Goods Orders data came out lower-than-expected of negative 1.7%, which was one of the main reason for currency price to weaken.
In the contrary, Core Durable Goods Orders came out better-than-expected of 0.9%, which didn't let the EUR/USD currency pair to weaken too much, leaving the overall price fluctuations flat.
Two data releases during the day
On Friday Dukascopy analysts will cover two US macroeconomic data releases, which are highly likely going to increase short term volatility of all financial instruments that involve the US Dollar.
First and most importantly will be the release of three employment data sets at 12:30 GMT. The release will be a part of the Friday's webinar, which will begin at 12:00 GMT.
Afterwards, at 14:00 GMT the ISM Manufacturing PMI will be released. The data coverage on the bank's live webinar will begin at 13:50 GMT.
Gold stranded in narrow range
XAU/USD remained stable on Thursday, similarly to other major currency pairs which include the US Dollar.
After failing to surpass the 1,306.00 mark mid-day, the bearish sentiment took over the market and consequently pushed Gold below the 55– and 100-hour SMAs and the 50.00% Fibo retracement. A further fall was stopped by the 200-hour SMA. Thus, the rate was stranded in a narrow range between these three SMAs both in the 1H and 4H charts.
Given the strength of these both barriers, the soon breakout should dictate the pair's direction in this session. Technical indicators flash bearish signals. In case this scenario occurs, the pair would approach the senior channel and the 61.80% Fibo at 1,290.00. Conversely, the daily high should be the 1,310.00 mark.
Hourly Chart
As it was expected by watching the daily chart, the 1,300 mark did provide resistance. However, there is a more notable important fact on the daily chart.
Namely, the 200-day SMA stopped the surge, which followed the breaking of the 1,300 cluster. Moreover, the 1,300 cluster began to provide support last Friday. If the 200-day SMA at 1,307.50 would get passed, the 1,315 level would be targeted next.
Daily Chart
Swiss traders remain bullish
SWFX market sentiment remains unchanged and bullish for the fifth consecutive session with 52% of traders holding long positions in this session.
Meanwhile, pending commands have become once more slightly bullish, as 53% are set to buy. Previously Swiss Foreign Exchange traders were neutral in regards to the metal's price.
OANDA traders remain largely bullish, as 67% of open positions are long in this session. In addition, Saxo bank clients share the same sentiment with 71% long positions.