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    XAU/USD grows strongly for second day

    © Dukascopy Bank SA
    "On balance, we'd expect that gold and the precious metals should receive some lift this week based on…more dovish expectations."
    - TD Securities (based on Wall Street Journal)

    Pair's Outlook
    Following a considerable gain on Monday, the yellow metal continued jumping significantly during the second trading session of this week as well. The bullion surged more than $10 per ounce and settled above the 100-day SMA at 1,211. This mark is also a location of the Bollinger band at the moment. However, for the near-term outlook to become completely bullish, XAU/USD has to advance above the next resistance zone at 1,221 (monthly R1; 200-day SMA). Otherwise, there is a risk that this supply will eventually push the bullion back to trade downwards. 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market is considerable at the moment, as the former are dominating by keeping 71% of all opened positions, down two percentage points from yesterday.  

    © Dukascopy Bank SA

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