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XAU/USD back above 2013 low amid Greece

© Dukascopy Bank SA
"Risk-off sentiment hit the market this morning following the news out of Greece over the weekend, sending gold higher on the open."
- MKS Group (based on CNBC)

Pair's Outlook
There has been a moderate move to the upside by the bullion on Friday, following four consecutive days of losses that pushed the price of gold below the 2013 low, down to 1,168. However, on Monday the precious metal is rebounding noticeably, following events in Greece. It has already rebounded above the mentioned two-year low and weekly PP to trade at 1,184. The short-term outlook is likely to stay bullish, even though the daily technical indicators are neutral. The nearest resistance is in turn located at 1,192 (55-day SMA). 

Traders' Sentiment
The total share of long open trades at the SWFX market remains solid at 72%, while bears are in the well-pronounced minority with just 28% of all trades. Bullish sentiment on the market gained one extra percentage point over the weekend.  

© Dukascopy Bank SA


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