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    XAU/USD extends gains above 200-day SMA

    © Dukascopy Bank SA
    "I'm forecasting gold to average $1,200 this quarter, as a slightly weaker dollar will continue to be supportive until we see some stronger data points."
    - Citigroup (based on Reuters)

    Pair's Outlook
    After rising above the 200-day SMA yesterday, the yellow metal attempted to jump even higher, by violating the weekly R3 at 1,221. However, the bullion was stopped by immediate resistance in face of April high around 1,225. As a result, it returned back below the weekly R3. For the bullish outlook to be confirmed, Gold must hold above the simple moving average for at least two days or consolidate above 1,225. Meanwhile, additional support for XAU/USD is going to be provided by monthly R1 / 100-day SMA at 1,213. 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market is considerable at the moment, even though the majority of positive opened trades decreased from 71% yesterday down to 63% on Friday morning.  

    © Dukascopy Bank SA

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