- SWFX market sentiment is 62% bullish
- 67% of pending orders in 1000-pip range are set to BUY Gold
- Widgets webinar scheduled for 12:30 GMT
The decline of the bullion started later than expected on Thursday. However, it still trades in a descending channel pattern.
Oil prices have increased after US Crude Oil Inventories data release on Wednesday at 14:30 GMT. The one-minute candle gained 65 pips, or 0.88%, and decreased back in next hours to continue fluctuating in 72.6 area.
The Energy Information Administration released the US Crude Levels data that came out lower-than-expected of negative 12.6M, compare to forecasted negative 4.1M.
President at Lipow Oil Associates Andrew Lipow said: "In spite of the extraordinary draw in crude oil inventories, the market is under pressure after refiners produced a record amount of gasoline this week and in conjunction with a greater than expected build in distillate inventories."
Widgets webinar fills the day
On Friday, Dukascopy Analytics are intending to host only one webinar. Namely, the introduction to Dukascopy widgets webinar, which is set to start at 12:30 GMT.
XAU/USD declines in different pattern
On Friday, the junior channel down pattern was adjusted, as it turned out that it had a slightly different shape. However, if one used the addition of the 55-hour SMA as a guide to properly confirm the change in short term directions, the move could have been caught.
During the morning hours of the day's trading session it was clear that the rate was declining and reaching for the historical low level of 1,236.60. Until that level there were no other notable support observable, which could stop the decline of the commodity price.
Hourly Chart
The recent movements still remain in a larger scale descending pattern on the daily chart.
Daily Chart
Retail traders are riding the surge
62% open positions of SWFX market traders were long during the midday hours. The Swiss Market sentiment previously was 63% long.
Meanwhile, trader set up orders are set to buy the metal in 60% of all cases. The orders had suddenly dropped on Thursday to 54%, but were back up on Friday.
The data reveals that although the bullion has retreated, retail traders have even opened new long positions in the expectations of a surge. Most likely, most of the traders see the continuation of a decline as a statistic improbability.
OANDA traders are bullish on the commodity with 82% of open positions being long on the XAU/USD pair today.
At the same time, Saxo Bank traders were likewise bullish with 74% long positions. The bank's traders previously were 72% long and had not changed their opinion since Monday.