Dukascopy - Analytics

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    XAU/USD pierces through monthly PP

    © Dukascopy Bank SA
    "I think the Fed would raise rates at least once this year and it's likely in September."
    - Phillip Futures (based on CNBC)

    Pair's Outlook
    After four consecutive days of sluggish changes, the precious metal slipped considerably on Tuesday, while pricing US fundamentals. The nearest support, represented by monthly PP, weekly S1 and 55-day SMA failed to help the bullion to reverse losses or limit them. Therefore, XAU/USD slumped as low as 1,187 by the end of the trading. The bullion is now required to return back above 1,194 in order to preserve any possibility of a rebound. Otherwise, the cross will come under major negative pressure, and bears will eventually target the April low at 1,169. 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market improved noticeable from yesterday, as the gap between them widened even more during the past 24 hours. The total share of bulls currently stays at 61% versus 39% for bears.  

    © Dukascopy Bank SA

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