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XAU/USD corrects lower to 1,114

© Dukascopy Bank SA
"A further decline in volatility may reverse some of bullion's recent 'safe-haven' inspired gains."
- HSBC (based on CNBC)

Pair's Outlook
Gold declined on Thursday, as worries over China's Yuan further devaluation calmed down among market participants. The bullion's longest bullish streak since May was halted at the 1,124 mark and bears are regaining back momentum at the moment. Losses of Thursday were, however, limited by the monthly pivot point at 1,113. Recent price gains have also left several important supports below the current spot price, which may create difficulties for bears in the nearest future. The closest demand to watch is placed around 1,108, where weekly R2, 20-day SMA and Aug 12 opening level are located at the moment.  

Traders' Sentiment
SWFX sentiment with respect to the precious metal deteriorated again, as the share of bulls was down from 58% to 57% in the past 24 hours.  

© Dukascopy Bank SA

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