Dukascopy - Analytics

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    XAU/USD negates weekly gains

    © Dukascopy Bank SA
    "There is definitely some debate around when the FOMC will move. We haven't seen any safe-haven demand come through, we're waiting on what happens in Greece and physical markets aren't that great."
    - ANZ (based on CNBC)

    Pair's Outlook
    XAU/USD's decline continued on Thursday with even heavier losses. The yellow metal decided to return back below the 1,200 mark, while a drop was only stopped by the 2013 low at 1,180. Without any major technical impetus, this development has largely reflected the Fed's statement on Wednesday. At the moment Gold is under the risk of sliding below 1,180 in the short-term, unless it manages to bounce back above 1,194 (monthly PP), while bears are still likely to target the monthly S1 at 1,164 in the medium-term.

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market is considerable at the moment, as the former are dominating by keeping 75% of all opened positions, up one additional percentage point from yesterday.  

    © Dukascopy Bank SA

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