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XAU/USD consolidates above 2013 low

© Dukascopy Bank SA
"We suspect that gold will very much be influenced on what the dollar will do over the short term."
- INTL FCStone (based on CNBC)

Pair's Outlook
XAU/USD cross continued to recover from its worst loss which sent Gold below 1,150 during the second week of March. Yesterday in particular, the bullion managed to consolidate well above the 2013 low at 1,190. Technical indicators for the bullion are neutral on short and medium-term time-frames. Nevertheless, two strong support zones (1,180 and 1,173) are likely to provide the yellow metal with reliable bullish momentum. The next resistance is located at 1,198 (weekly R1), where Gold will also meet a down-trend of Jan-Mar bearish move. 

Traders' Sentiment
Sentiment towards the precious metal is optimistic among SWFX traders as the total share of bullish positions (68%, -5% since Monday) has a strong advantage over the bearish ones at the moment.  

© Dukascopy Bank SA


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