Dukascopy - Analytics

    Dukascopy

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    Real

    XAU/USD is range bound between 1,206 and 1,196

    © Dukascopy Bank SA
    "The cycle of the strong U.S. dollar has not ended. We are not very bullish about gold's price performance this year."
    - Industrial Bank in Shanghai (based on Reuters)

    Pair's Outlook
    Even though trading range of XAU/USD remained under pressure between to technical lines on Monday, Gold still managed to stay within its boundaries during the day. Following a jump up to the 55-day SMA on Friday, this level pushed the bullion back towards the 20-day SMA yesterday, where the metal closed trading session just below 1,200. Currently, there are two dense areas around present market price of Gold. In case it falls below 1,191, then we should observe a sell-off down to 1,180 (2013 low) in the near-term. Otherwise, a climb above 1,211 will provide bulls with momentum to send the precious metal as high as 1,223 (monthly R1). 

    Traders' Sentiment
    Bulls have a substantial advantage over bears at the SWFX market, as the former ones are holding 72% of all opened trades in the morning on Tuesday, down one percentage point during past 24 hours of trading.  

    © Dukascopy Bank SA

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