Dukascopy - Analytics

    Dukascopy

    464.25 6.00/10
    83% of positive reviews
    Real

    XAU/USD is range bound between 1,260 and 1,268

    © Dukascopy Bank SA
    "A significantly lower job creation could support gold if it results in changes in the timing of Fed rate-hike expectations."
    - HSBC (based on CNBC)

    Pair's Outlook
    It seems that Gold is decreasing its trading range due to strong boundaries which are limiting moves of the bullion. Yesterday, the long-term downtrend pushed the precious metal below 1,270 for one more time, while a strong support is provided by demand ten US Dollars from below. Therefore, outlook for the short-term is neutral, with sideways movement forecasted as the most appropriate development in current conditions. A major break-out to either side, however, may take place in the middle of the next week. 

    Traders' Sentiment
    Sentiment towards the precious metal is remaining very optimistic among SWFX traders, as the share of bullish trades it up to 73% on Friday, compared with 70% around 24 hours ago and just 63% on Wednesday. 

    © Dukascopy Bank SA

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