Dukascopy - Analytics

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    XAU/USD's rebound capped by 38.2% Fibo

    © Dukascopy Bank SA
    "Support for gold was well pronounced around the 100-day moving average of $1,216 and this level should hold over the short term as we await Monday's renewed Greek debt negotiations." 
    - MKS Group (based on CNBC)

    Pair's Outlook
    On Thursday, the bullion tried to regain bullish momentum, helped by demand area around 1,215. This support zone was represented by 100-day SMA and weekly S1, and it has finally pushed Gold upwards. However, the precious metal was immediately stopped by the closest resistance in face of 38.2% Fibonacci retracement at 1,229. Moreover, this obstacle is reinforced by 55-day SMA; therefore, a penetration of this level in unlikely in the short-term. Meanwhile, both near and long-term technical studies are now giving signals to sell Gold. 

    Traders' Sentiment
    Sentiment towards the precious metal is remaining strongly optimistic among SWFX traders, even despite the fact that a share of bullish positions decreased to 62%, down one more percentage point from yesterday.
    © Dukascopy Bank SA

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