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XAU/USD receives support from demand at $1,260

© Dukascopy Bank SA
"We think the Greek issue will likely stir things up for a little while longer in the markets, which is why we think gold should benefit, likely at the expense of equities."
- INTL FCStone (based on CNBC)

Pair's Outlook
XAU/USD decided to postpone the idea of penetrating a cluster of support levels around $1,260. As a result, the bullion managed to gain some bullish momentum and increase in value over trading on Wednesday. Currently it is hovering around the long-term downtrend line at $1,270, also showing no major intentions to make any precipitous movements. Moreover, neutral sentiment for the precious metal is shared by daily and weekly technical indicators, while in the long-term they forecast Gold to try going below $1,260.

Traders' Sentiment
Sentiment towards the precious metal is remaining positive among SWFX traders, as the share of bullish trades returned back to 70% on Thursday morning. However, the sentiment indicator tends to be rather volatile this week, being that bullish sentiment ranged from 63% to 75% at different points of time, starting from Monday. 

© Dukascopy Bank SA


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