Dukascopy - Analytics

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    XAU/USD hovers around 55-day SMA

    © Dukascopy Bank SA
    "The question facing gold is will bullion derive more upwards thrust from a weaker dollar or will rising yields sap and possibly reverse the rally?"
    - HSBC (based on CNBC)

    Pair's Outlook
    Gold has been trading broadly around the dense cluster of technical levels at 1,190 for the past seven days. Yesterday, in turn, the precious metal gained value and rebounded above the 55-day SMA, while nearing the monthly PP at the same time. For the time being, only an appreciation above the latter mentioned level with clarify the near-term bullish outlook for Gold, where the target will be set at 1,214 (Apr 28 high). However, in case of a drop below 1,177 (weekly S1), the probability of XAU/USD's stronger slump will rise considerably. 

    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 additional percentage point during the past 24 hours.  

    © Dukascopy Bank SA

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