- SWFX market sentiment is 74% bullish
- Pending orders in the 1000-pip range are set to buy in 67% of all cases
- US Employment data did not increase volatility
The yellow metal's price has remained largely unchanged in the last twenty four hours. In addition, the metal ignored the US Employment data release.
Latest Fundamental Event
Previously, oil prices increased volatility during the release of the US Crude Oil Inventories on Wednesday at 14:30 GMT. The one-minute candle gained 27 pips, or 0.41% right after the data release. In the next minutes the rate was trading at the 66.30 level.
The Energy Information Administration released the US Crude Inventories data that came out better-than-expected of 3.2M, compare to forecasted 3.6M.
Fatih Birol, the Executive Director of the International Energy Agency said: "One is high oil prices, and in many countries, they're directly related to consumer prices. The second one is global economic growth momentum slowing down".
US Employment data sets on Friday
This week's data releases have ended. The next notable event that might impact gold prices will be the Federal Funds Rate announcement next Thursday.
Until then other trading methods will be taking over.
XAU/USD short term forecast
In regards to the near-term future, most likely, the gold will surge upwards to bounce off the upper boundary of the dominant pattern line at the 1,240.00 mark. The simple moving averages should support the surge during the trading session.
On the other side, the gold could trade downwards if the US Dollar will appreciate during today's US Employment data sets release at 12:30 GMT. The 200-hour SMA should stop the yellow metal from depreciation to keep the rate at 1,230.00 level.
Hourly Chart
On the daily chart note two technical levels. The 100-day simple moving average is located at the 1,220.40 level. Meanwhile, the 55-day SMA was located at 1,204.80 and was moving upwards to strengthen the technical levels near the 1,210.00 mark
Daily Chart
Traders remain long
On Friday, the long sentiment persisted, as 74% of traders were long on Gold.
Meanwhile, trader set up pending orders are still mostly set up to buy more gold. 70% of all orders are set to buy.
On Friday, the situation remained unchanged, as traders continued to be long while the price was fluctuating mostly sideways.