Dukascopy - Analytics

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Real

XAU/USD fails to violate weekly PP

© Dukascopy Bank SA
"I think the sentiment on gold has changed from a very bearish tone last year which was due to expectations of higher U.S. interest rates."
- Standard Bank (based on CNBC)

Pair's Outlook
On February 2, the yellow metal tried to penetrate the closest support line represented by the weekly pivot point at $1,278. However, this level used to be strong enough for the bullion to cross it from the first attempt. After reaching the $1,274 mark, Gold bounced back to trade above the support. Moreover, additional difficulty is currently created by the long-term downtrend which will try to keep bears at a remote distance. Still, the near term outlook tends to be even neutral, rather than bullish. 

Traders' Sentiment
Sentiment towards the precious metal is remaining strongly positive among SWFX traders, as share of bullish deals is currently staying at 74% (75% around 24 hours ago). 

© Dukascopy Bank SA


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