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    XAU/USD tests 1,200 for first time since Jan 5

    © Dukascopy Bank SA
    "Bullion's move up after the FOMC minutes may be attributed to an easing of investors' rate hike concerns."
    - HSBC (based on CNBC)

    Pair's Outlook
    On Wednesday, the yellow metal made an attempt to cross the major level at 1,200 for the first time since January 5. At the same time, Gold was sent back to the upside by demand area represented by weekly S2 and monthly S1. It seems that these levels gave the bullion some positive impetus in order to rebound, and at the moment it is already testing strength of resistance at 1,215 (weekly S1; 100-day SMA). However, keeping in mind bearish signals from technical indicators and development inside the channel down pattern, we do not see Gold going far beyond this mark in the foreseeable future. 

    Traders' Sentiment
    Sentiment toward the precious metal is remaining strongly optimistic among SWFX traders, while the total share of long opened positions lost back two percentage points from yesterday to reach 69%. 

    © Dukascopy Bank SA

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