- SWFX traders are 51% bearish
- 53% of pending orders in 1000-pip range are set to BUY the gold
- 100-hour SMA continues to provide strong support
- Upcoming events: Quiet day
The yellow commodity is continuing to move horizontally, as expected. Because of an empty calendar such steady movement is expected to extend for another couple of days.
The US employment growth weakened significantly in December due to a decrease in retail jobs, while a surge in monthly pay gains indicated the labour market strength, which could enable the Federal Reserve to hike interest rates in Spring. The Labour Department stated that the non-farm payrolls increased 148K in the reported month, following an upwardly revised 252K in November. Job growth is anticipated to moderate as the labour market remains close to full employment, though with some chances to get a boost from $1.5T tax cuts package.
Still no releases
Today economic calendar does not contain any macroeconomic data releases that could affect valuation of the given commodity pair.
XAU/USD moves horizontally
In accordance with expectations, previous trading session the exchange rate spent in a horizontal movement. From the north it was obstructed by resistance zone located between the 1,321.00 and 1,322.00 marks, while from the south it was pressured by the weekly PP and the 100-hour SMA. As economic calendar remains empty, such flat movement might continue for another two days. In the end bulls might try to push the rate to the upper trend-line of a dominant descending channel. Nevertheless, in daily perspective the same pattern clearly points out on imminence of beginning of a downward movement. The bearish stance on the gold additionally supports this assumption.
Hourly Chart
The pair is continuing to fluctuate slightly below the upper trend-line of a descenidng channel that represents a part of a larger channel up. The main projection hasn't change, as the rate is still expected to make a fully-fledged rebound return back to the 61.8% Fibonacci retracement level located at the 1,311,48 mark (and then continue the downward movement).
Daily Chart
Markets sentiment is neutral
SWFX market sentiment is neutral on Gold, as 51% of open positions are short. Accordingly, the same number of pending commands is set to buy the commodity.
OANDA traders are bearish, as 57% of open positions are short (+0%). In the meantime, SAXO bank traders are 53% bullish.