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XAU/USD extends gains above 1,200

© Dukascopy Bank SA
"There is some resistance at the $1,200 mark. If we see more weakness in the U.S. dollar and some more weak data, gold could rally more."
- a precious metals trader in Hong Kong (based on CNBC)

Pair's Outlook
For the first time since March 4, XAU/USD cross returned above the major 1,200 level as a result of seven straight daily increases. The bullion crossed two important resistance lines, at 1,195 (Jan-Mar down-trend) and 1,198 (weekly R1). From the point of view of technical analysis' tools, Gold is currently in a good position to extend its bullish tendency up to the 1,220 area where it is going to meet the next cluster of supply levels. However, daily technical indicators became more pessimistic and are now giving signals to sell the precious metal. 

Traders' Sentiment
Sentiment towards the precious metal is optimistic among SWFX traders as the total share of bullish positions (64%, -3% since Wednesday) has a strong advantage over the bearish ones at the moment.  

© Dukascopy Bank SA

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