Dukascopy - Analytics

    Dukascopy

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    XAU/USD rose for fifth consecutive day

    © Dukascopy Bank SA
    "After last week's short-covering rally, gold is doing nothing of much overall."
    - BullionVault (based on MarketWatch)

    Pair's Outlook
    XAU/USD has been approaching an important down-trend line during past five days, by registering constant daily gains. On Tuesday, Gold jumped additional five dollars per ounce to reach 1,195. At the same time, it seems that bullish momentum is waning. The closest resistance is located at 1,198 and is reinforced by Jan-Mar down-trend line and weekly R1. These lines are expected to send the bullion back to the south. However, a medium-term potential decline should be limited by demand around 1,180 (2013 low and 20-day SMA). 

    Traders' Sentiment
    Sentiment towards the precious metal is optimistic among SWFX traders as the total share of bullish positions (67%, -1% since Tuesday) has a strong advantage over the bearish ones at the moment.  

    © Dukascopy Bank SA

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