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    XAU/USD crashes below 1,170 on strong US data

    © Dukascopy Bank SA
    "The number fueled expectations that the Fed will now raise rates sooner rather than later, with the consensus now back to a June increase as opposed to September."
    - INTL FCStone (based on CNBC)

    Pair's Outlook
    Gold has been negatively affected by optimistic statistics from the US on Friday. Strong jobs' growth raises speculations for Fed's rate rise and decreases demand for safe-haven assets such as Gold. Therefore, the metal lost more than $30 before the weekend and closed at the 1,166 level. Moreover, it pierced through two major supports in face of 2013 low and monthly S1. The cross, however, may rebound slightly on Monday, even though a gap towards the closest support of additional $25 poses a threat of a continuous decline in the direction of 1,146 (weekly S1). 

    Traders' Sentiment
    Sentiment toward the precious metal is optimistic among SWFX traders and has improved from Friday as the total share of bullish positions (65%) gained more than 11% during past 72 hours, while some traders took profit from their short positions.  

    © Dukascopy Bank SA

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