Dukascopy - Analytics

    Dukascopy

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    XAU/USD moves moderately upwards

    © Dukascopy Bank SA
    "(A weaker dollar) helped push gold prices higher, although the outlook for the precious metal remains weak."
    - ANZ (based on CNBC)

    Pair's Outlook
    XAU/USD snapped its three-day streak of losses, while gaining some value during the trading session on Monday. The yellow metal was supported by the Greenback's weakness, which pared gains after the last week's bullish development. At the same time, the metal remained broadly between two major technical levels at 1,162 and 1,179. Daily technical indicators continue sending mixed signals, but both RSI and Stochastic are still bullish. Weekly and monthly studies, however, are moderately bearish at the moment. 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market increased above 40% in almost four weeks. The total share of long opened positions (71%) advanced by five percentage points from yesterday, pushing the portion of short trades down to 29%.  

    © Dukascopy Bank SA

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