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    XAU/USD to examine 1,154 for second time

    © Dukascopy Bank SA
    "It's probably a one-time rate increase this year and probably in September and we may see gold falling to $1,080 when that happens."
    - Wing Fung Financial (based on CNBC)

    Pair's Outlook
    XAU/USD was moving freely around the weekly pivot point at 1,161 on Monday. Therefore, this level failed to put any restriction on a downside development. Gold decided to test the 1,154 mark, which is acting as a temporary support at the moment. However, the bullion is forecasted to make additional bearish attempts in the near term. A close below this monthly support may result in a further drop down to the Bollinger band at 1,143, which also represents the lower boundary of the bearish channel formed by XAU/USD in June-July. 

    Traders' Sentiment
    Sentiment of the SWFX market with respect to gold remains undoubtedly positive at the moment, as bulls are enjoying a majority of 66% versus just 34% for bears.  

    © Dukascopy Bank SA

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