Dukascopy - Analytics

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    XAU/USD holds above weekly S1 after testing 1,157

    © Dukascopy Bank SA
    "Despite the slightly soft tone evident in. September remains on the cards for the Fed to commence its hiking cycle."
    - Australia & New Zealand Banking Group Ltd. (based on Bloomberg)

    Pair's Outlook
    This week's behaviour of XAU/USD cross is very similar to the one it showed last week. From Monday the cross was declining for four days in a row and today it attempts to rebound. Yesterday, however, gold reached the new June low at 1,157 after US NFP, but bounced back afterwards and closed the trading session at 1,166. Supported by the weekly S1 at 1,162, the bullion will be expected to advance in the short term. The immediate resistance is in turn located around 1,180 (monthly and weekly PP, 2013 low, 20-day SMA). 

    Traders' Sentiment
    The total share of long open trades at the SWFX market experienced a further slump from yesterday, but it remains solid at 63%, while bears are in the minority with 37% of all trades. Bullish share on the market decreased five additional percentage points in the past 24 hours. 

    © Dukascopy Bank SA

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