Dukascopy - Analytics


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XAU/USD to attack 1,180

© Dukascopy Bank SA
"Gold may start catching up to money-supply growth around the world now that the dollar's value is falling."
- RBC Capital Markets (based on Bloomberg)

Pair's Outlook
At it turned out, the demand area at 1,188 was unable to underpin the price, and the bears pushed through a combination of the weekly pivot point and 55-day SMA. Accordingly, the focus is now on 1,180, which has been acting as a reliable support level since the beginning of April. However, the technical indicators are mostly bearish, and we should not rule out a deeper decline. The additional significant support level is at 1,165, the current location of the monthly S1.

Traders' Sentiment
There are relatively less bulls than yesterday, but they still take up the major part of the SWFX market, namely 72% of it. At the time of the previous report almost three fourths (74%) of the open positions were long.
© Dukascopy Bank SA

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