Dukascopy - Analytics


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    XAU/USD dipped below 1,200

    © Dukascopy Bank SA
    "What is changing rapidly is people's expectations as the actual rate hike timing approaches."
    - Kong Wing Fung Financial Group (based on CNBC)

    Pair's Outlook
    As expected, the yellow metal slipped for a third day in a row and approached the support zone just below 1,200. However, XAU/USD is still now assessing strength of weekly PP and 20-day SMA. If these technical levels succeed in keeping the bullion above them, it may try returning back towards the 55-day SMA at 1,209. On the other hand, in case bears pierce through, they will target the next demand at 1,183 (monthly PP, 2013 low). Meanwhile, technical indicators are favouring the first scenario at the moment. 

    Traders' Sentiment
    Bulls have a substantial advantage over bears at the SWFX market, as the former ones are holding 69% of all opened trades in the morning on Friday, up three percentage points during past 24 hours of trading.  

    © Dukascopy Bank SA

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