Dukascopy - Analytics

Dukascopy

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Real

XAU/USD unchanged above monthly PP

© Dukascopy Bank SA
"The repercussions of China's move are more deep seated than it appears and over the course of the next few weeks, gold should remain elevated on growing concerns about the state of China's health."
- Phillip Futures (based on CNBC)

Pair's Outlook
Volatility of gold prices was subdued on Friday, resulting in no changes over the course of trading session. At the moment some support is provided by the monthly pivot point around 1,113, while additional demand is placed three dollars below at 1,110 (weekly PP). Despite that, our outlook remains neutral, as difficulties to move in any direction are created by high density of technical levels around the spot price. Any possible attempts of bulls are likely to be capped by the 55-day SMA and weekly R1 in the 1,130-1,137 area.  

Traders' Sentiment
SWFX sentiment with respect to the precious metal lost two additional percentage points over the weekend, as the share of bulls was down from 57% to 55%.  

© Dukascopy Bank SA


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