Dukascopy - Analytics

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    XAU/USD still supported by monthly S1 at 1,154

    © Dukascopy Bank SA
    "Markets will want to know whether this year's expected rate hike will be followed by a succession of other increases and how quickly these set in."
    - INTL FCStone (based on CNBC)

    Pair's Outlook
    In spite of quite pessimistic US statistics on retail sales, the bullion decided to trade in a calm way on Tuesday, by showing only minor daily swings. Gold rejected to grow above 1,160, keeping in mind resistances at 1,161 (weekly PP) and 1,167 (20-day SMA). On the other hand, a substantial demand at 1,154 (monthly S1) forced bears to capitulate for a fourth time in seven trading days. Therefore, only a close below this support will clarify the medium-term outlook, which in turn remains negative in the short-term. 

    Traders' Sentiment
    Sentiment of the SWFX market with respect to gold remains positive at the moment, as bulls are enjoying a majority of 63% versus just 37% for bears.  

    © Dukascopy Bank SA

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