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    XAU/USD gets support from weekly S1

    © Dukascopy Bank SA
    "The dollar was just going back and forth in a quiet trade."
    - a senior Japanese bank dealer (based on MarketWatch)

    Pair's Outlook
    Despite significant growth that Gold experienced on Wednesday, the short-term outlook for it remains fairly negative. It seems that the bullion renewed its bearish tendency on April 6, when it reached the monthly R1 at 1,233. Yesterday's support, however, was provided by weekly S1 and the metal approached 55-day SMA just above 1,200. However, we tend to believe that dense supply area around 1,210 will cap the yellow metal in the near-term, thus a return towards 2013 low will remain in the medium-term perspective. 

    Traders' Sentiment
    Bulls have a substantial advantage over bears at the SWFX market, as the former ones are holding 73% of all opened trades in the morning on Thursday, a rebound of two percentage points since yesterday.  

    © Dukascopy Bank SA

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