Dukascopy - Analytics

    Dukascopy

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    XAU/USD supported by demand area around 1,195

    © Dukascopy Bank SA
    "With China temporarily out of the market and apparent progress on the Greek bailout, the path of least resistance appears lower for gold and also silver."
    - HSBC (based on CNBC)

    Pair's Outlook
    At the end of last week, the bullion made a second unsuccessful attempt to cross the 1,200 round level. Currently, a strong support is provided by a number of important technical levels, including the monthly S1 and 23.6% Fibonacci retracement. In the short-term, this demand zone is going to provide Gold with some bullishness; therefore, a rebound toward the weekly pivot point at 1,211 is expected. Nevertheless, a move above this resistance is also unlikely to take place. Meanwhile, daily technical studies are still giving signals to sell the yellow metal. 

    Traders' Sentiment
    Sentiment toward the precious metal is remaining strongly optimistic among SWFX traders, while the total share of long opened positions lost one additional percentage point from Friday to reach 65% on Monday morning. 

    © Dukascopy Bank SA

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