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    Stronger Dollar puts pressure on XAU/USD

    © Dukascopy Bank SA
    "The Greek issue has not prompted any safe-haven bids. Even disappointing data last week from the United States failed to push gold higher, showing lots of caution among bullion investors."
    - a precious metals trader in Hong Kong (based on CNBC)

    Pair's Outlook
    There are few signs that XAU/USD is preparing to move strongly in any direction in the short-term. The precious metal is broadly hovering between weekly PP and weekly S1 at 1,188 and 1,177, respectively. Technical indicators assume the bullion is more likely to lose value both in the medium-term. However, Gold prices should consolidate below the May 1 low at 1,170 in order to confirm its bearish intentions. A close below the monthly S1 (1,164), in turn, will open an opportunity for even steeper decline in the direction of 1,145. 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market is considerable at the moment, as the former are dominating by keeping 73% of all opened positions, up three percentage points from yesterday.  

    © Dukascopy Bank SA

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