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    XAU/USD fails to overcome monthly PP

    © Dukascopy Bank SA
    "Yellen's comments that bond yields could see a sharp jump continued to weigh on gold."
    - Australia & New Zealand Banking Group Ltd. (based on Bloomberg)

    Pair's Outlook
    Despite disappointing US fundamentals, the yellow metal remained unusually tranquil in terms of reaction to the data. From the technical point of view, there were attempts to violate the monthly PP at 1,194, but this resistance and the 20-day SMA managed to withstand bullish pressure. From another side, XAU/USD is currently supported by the weekly PP at 1,187, meaning that the cross seems to trade range bound at the moment. A closure beyond any of these two lines will provide Gold with an opportunity to show more pronounced development either to the upside or to the downside. 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market is considerable at the moment, as the former are dominating by keeping 74% of all opened positions, up one percentage point from yesterday.  

    © Dukascopy Bank SA

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