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    XAU/USD touches 1,109 for first time since Jul 21

    © Dukascopy Bank SA
    "No one saw this coming and I think gold might suffer a fresh round of downward pressure from here."
    - Phillip Futures (based on CNBC)

    Pair's Outlook
    Fed's Stanley Fisher rate comments sent the XAU/USD cross in the direction of 1,109 for the first time in three weeks. However, gold spent only a short period of time above the long-term downtrend and it is now undergoing a correction phase. Medium and long-term views on the bullion have no changes and are fairly bearish, despite technical studies being mixed on all time frames. In the near term, however, the precious metal may consolidate above 1,102, but monthly PP/Bollinger band should withstand any additional pressure from the bullish side.  

    Traders' Sentiment
    SWFX sentiment with respect to the precious metal has faced no changes since Monday morning, as the share of bullish open positions remains steady at 61%.  

    © Dukascopy Bank SA

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