Dukascopy - Analytics

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XAU/USD rejects falling back below weekly PP

© Dukascopy Bank SA
"So far gold has only been mildly supported by the ongoing Greek saga."
- HSBC (based on CNBC)

Pair's Outlook
Gold registered a first decline in price this week on Thursday, following a release of strong macro numbers in course of the day. At the same time, even though a three-day bullish trend of the metal came to an end, gold rejected the idea of falling below the weekly pivot point at 1,179. Therefore, outlook for the short-term remains slightly upbeat and a surge above the 20-day SMA (1,187) is possible. On the other hand, daily and monthly technical studies continue to assume the bullion is at risk of falling. 

Traders' Sentiment
Advantage of bulls over bears at the SWFX market eased by two percentage points from yesterday, but the total share of long opened positions (73%) remains solid and bears are still in the well-pronounced minority with 27% of all trades.  

© Dukascopy Bank SA


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