Dukascopy - Analytics

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    XAU/USD consolidates above 1,230

    © Dukascopy Bank SA
    "Without risk-related buying, gold may face further pressure in the near-term." 
    - HSBC (based on CNBC)

    Pair's Outlook
    By remaining range bound between two strong resistance and support areas, Gold continues developing in the sideways trend for a third consecutive day. On Tuesday, despite growing up to 1,246, the yellow metal failed to preserve its bullish momentum and declined back towards the 1,235 mark. The aggregate outlook with respect to the bullion is currently remaining rather neutral. While weekly technical indicators are giving signals to buy Gold, a supply zone around 1,250 is unlikely to let bulls succeed. 

    Traders' Sentiment
    Sentiment towards the precious metal is remaining strongly optimistic among SWFX traders, while the share of bullish positions is almost unchanged at 68%, down one percentage point from yesterday. 

    © Dukascopy Bank SA

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