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    XAU/USD tests weekly pivot point at 1,179

    © Dukascopy Bank SA
    "We continue to see outflows from ETFs and this may limit price moves to the topside."
    - MKS Group (based on CNBC)

    Pair's Outlook
    Weaker US Dollar contributed to an increase of the bullion's price on Tuesday, as the yellow metal continued to rebound from its three-month lows. As a result, the process of nearing the weekly pivot point at 1,179 became inevitable, and gold is currently cautiously testing this resistance. Any negative impetus may push the metal back to the downside, especially taking into consideration a broad bearish support from the technical indicators. However, in case of the weekly PP's violation, bulls will refocus their attention on the 20-day SMA at 1,188. 

    Traders' Sentiment
    Advantage of bulls over bears at the SWFX market strengthened above 40% for the first time in almost four weeks. The total share of long opened positions (73%) advanced by two additional percentage points from yesterday, pushing the portion of short trades even deeper into the red at just 27%.  

    © Dukascopy Bank SA

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