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    XAU/USD attempts to penetrate weekly S1

    © Dukascopy Bank SA
    "The gold market is quite subdued at this time. There's no clear direction. I think we need a clearer catalyst down the road and that will come in the form of the FOMC meeting in two weeks' time."
    - Phillip Futures (based on CNBC)

    Pair's Outlook
    Yesterday, XAU/USD escaped the narrow range, in which the cross was bounded for the past two trading days. This violation took place to the downside and the bullion breached both 20-day SMA and weekly S1 at 1,195 and 1,191, respectively. At the same time, the next demand area at 1,183 (monthly PP) sent the yellow metal back above 1,190. Nonetheless, this move is showing bearish intentions of Gold for the medium-term, while weekly and monthly technical indicators suggest the bearish scenario is inevitable. However, on a daily basis we may observe attempts to trade higher around 1,200.

    Traders' Sentiment
    Bulls have a substantial advantage over bears at the SWFX market, as the former ones are holding 71% of all opened trades in the morning on Wednesday, down one more percentage point during past 24 hours of trading.  

    © Dukascopy Bank SA

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