Dukascopy - Analytics


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    XAU/USD sets eyes on 2014 low

    © Dukascopy Bank SA
    "This leads us to conclude that most of gold's declines based on a rate rise have already occurred, and that gold's reaction to the rate hike - whenever it comes - and subsequent hikes, may be muted or short-lived."
    - HSBC (based on CNBC)

    Pair's Outlook
    A fifth attempt to penetrate the monthly S1 at 1,154 eventually turned to be successful, as bears managed to push gold below this mark. Moreover, losses were subsequently extended below this month's low to reach the daily minimum at 1,143. It seems that the mid-term attention will now turn to the 2014 low at 1,131. However, intermediate supports will try to prevent this from happening. They are represented by the lower Bollinger band at 1,140, followed by the monthly and weekly S2 at 1,137 and 1,133, accordingly. 

    Traders' Sentiment
    A decrease in gold prices has significantly improved the sentiment of the SWFX market with respect to the metal. It remains strongly positive at the moment as bulls are enjoying a majority of 72% and bears keep only 28% of all open positions.  

    © Dukascopy Bank SA

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