Dukascopy - Analytics


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XAU/USD silent for second consecutive day

© Dukascopy Bank SA
"(That) appears to be a level [1,080] that many traders have put their stop-loss in because every time it breaches that level there's a swift decline."
- Phillip Futures (based on CNBC)

Pair's Outlook
It seems that gold is preparing for a US jobs' report due on Friday, thus showing no intentions to hurry with uplifted volatility. Yesterday the bullion stayed broadly quiet for a second day in a row and traded around the 1,085 mark. Closest resistance and support are placed at 1,092 and 1,080, respectively. Despite that, both bulls and bears and now setting eyes on other technical levels, which tend to have greater importance in the mid-term. The former are aiming at 1,105 (recent highs) and the latter are targeting the five-year low of 1,071.  

Traders' Sentiment
Sentiment with respect to the precious metal was completely unchanged in the past 24 hours. The portion of long open positions is 56%, as it remains at the lowest level in two months.  

© Dukascopy Bank SA

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