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    Bears hold XAU/USD below 55-day SMA

    © Dukascopy Bank SA
    "This week, gold may inch marginally higher towards $1,200 as the weak U.S. labour report should lend support to continued low interest rates in the United States."
    - Phillip Futures (based on CNBC)

    Pair's Outlook
    XAU/USD has been providing the market with no significant movements for a prolonged period of time. Now, the yellow metal has even formed a triangle pattern on the hourly chart, but the break-out is considered to take place soon. The bearish scenario seems more probable at the moment, taking into account a dense cluster of resistances around 1,190 which includes 55-day SMA and monthly PP. In addition to that, daily and monthly technical indicators are confidently pointing downwards. 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market is considerable at the moment, as the former are dominating by keeping 70% of all opened positions, down two percentage points over the weekend time.  

    © Dukascopy Bank SA

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