Dukascopy - Analytics

    Dukascopy

    472.75 6.25/10
    83% of positive reviews
    Real

    XAU/USD attempts to penetrate weekly PP

    © Dukascopy Bank SA
    "In the short term, the mood is still bearish though we might trade in a tight range until the jobs data on Friday."
    - a commodities trader in Hong Kong (based on CNBC)

    Pair's Outlook
    Despite strong Gold price's fluctuations on Tuesday, the metal registered only a marginal daily change. All in all, the bullion was capped by resistance at 1,207 (weekly PP) and closed around 1,203 at the end of yesterday's trading session. Taking into consideration fairly bearish technical indicators on a daily chart, the closest resistance should be strong enough to give bears impetus for future attempts to push the metal lower. Therefore, the short term outlook tends to remain pessimistic, with the closest target at 1,195 (weekly S1). 

    Traders' Sentiment
    Sentiment toward the precious metal is remaining optimistic among SWFX traders, even though a total share of bullish positions (55%, 2% since yesterday) is not as high as several days before.  

    © Dukascopy Bank SA

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree