Dukascopy - Analytics

    Dukascopy

    472.25 6.25/10
    83% of positive reviews
    Real

    XAU/USD tumbles most since May 26

    © Dukascopy Bank SA
    "Gold remains aloof from any safe-haven buying that may be inspired by the ongoing Greek situation."
    - HSBC (based on CNBC)

    Pair's Outlook
    The nearest reliable support for gold at 1,154 is unlikely to withstand the bearish pressure successfully, following a deep slump in the metal's value on Tuesday. In case the bullion consolidates below this demand today, it will shift the near-term outlook substantially to the negative side. The immediate support is located as low as 1,148, where XAU/USD bottomed out yesterday. However, bears are more probably going to target the 1,140 mark (weekly S1), which is instantly followed by the 2014 low at 1,131. 

    Traders' Sentiment
    Following a sharp drop in the price of gold yesterday, the share of long open positions at the SWFX market climbed by seven percentage points to 73%, as short traders seem to have fixed their profit.  

    © Dukascopy Bank SA

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