- SWFX traders are 52% bearish
- 59.07% of pending commands are to buy the bullion
- The metal's price started the day's trading at 1,288.13
- Upcoming Events: Preliminary UoM Consumer Sentiment
The surge of the yellow metal continues, as forecasted. A new target has been pierced and set. The metal has passed the 1,290 mark, and it is already approaching the 1,300 level.
The Labour Department revealed that the number of Americans filing for unemployment benefits fell to the lowest level in six months last week. The report showed the initial jobless claims dropped to 232K in the week ended August 12, down from the prior week's 244K. Data provided a good sign for the Federal Reserve as the further tightening in the labour market could encourage the US economic growth.
One minor US data release
This Friday will be a quiet day for swing traders, as there are no notable data sets scheduled to be released. However, there is one data release, which could cause fluctuations in one pair. Namely, the USD/CAD might increase volatility due to the release of the Canadian CPI at 12:30 GMT. The release will be covered by the Dukascopy Research team on the bank's live webinar platform.
XAU/USD moves exactly as expected
The yellow metal's price movements in the past trading session have become increasingly easy to forecast. Moreover, the future also seems clear.
First of all, the bullion has revealed the medium term ascending channel's borders, which help to predict when the metal will reach above the 1,300 mark. Secondly, the commodity price has reached above the 1,290 mark and touched the 1,295 level on Friday. In the near future it can be expected that the metal's price will surge above the 1,300 mark.
However, that can be hindered, if the new weekly pivot points on Monday obstruct the surge.
Hourly Chart
By looking at the daily chart it can be observed that the bullion might reach the 1,305 mark. The rate faces no notable resistance until that level. However, just at the 1,305 level the weekly R1 is located at together with the upper trend line of a long term ascending channel pattern.Daily Chart
Markets inclined to the bullish side
Traders of Dukascopy remain in the neutral zone, as 52% of open positions are short. Meanwhile, trader set up pending commands are 59.07% bullish.
OANDA Gold traders are almost neutral, as open positions are 51.18% short. In addition, SAXO bank traders also remain close to being neutral, as 52.06% of open positions are short.