Dukascopy - Analytics


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    XAU/USD fails to rebound above 1,215

    © Dukascopy Bank SA
    "The market appears to be dismissing the Greece impasse with little safe haven buying evident."
    - ANZ (based on CNBC)

    Pair's Outlook
    XAU/USD's bulls attempted to push the bullion above the weekly S1 / 100-day SMA resistance area on Thursday. At the same time, even uplifted demand for the precious metal due to Greek deal's uncertainty failed to fix the price above 1,215. Therefore, Gold returned back to trade around 1,210 at the end of the trading day. For now it seems that there will be no clear price trend in any direction, as the bullion is currently range bound between two strong technical areas at 1,200 and 1,215, respectively. Therefore, outlook for the near term tends to stay neutral. 

    Traders' Sentiment
    Sentiment toward the precious metal is remaining strongly optimistic among SWFX traders, while the total share of long opened positions lost three additional percentage points from yesterday to reach 66% on Friday morning. 

    © Dukascopy Bank SA

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