Dukascopy - Analytics


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Bulls hold gold above monthly PP

© Dukascopy Bank SA
"For one to two weeks, it's going to oscillate around $1,100."
- Wing Fung Financial Group (based on CNBC)

Pair's Outlook
The yellow metal was kept afloat by bullish market participants, as they denied an idea of sending the bullion below a strong support zone at 1,109-1,113. This demand is reinforced not only by the monthly and weekly pivot points, but also by the 20-day SMA, which is quickly nearing these technical levels. Despite that, any future gains are also unlikely to be extended far beyond this month's high of 1,127, as the next supply should meet the precious metal around 1,135, where weekly R1 and 2014 low merge with 55-day SMA and upper Bollinger band.  

Traders' Sentiment
SWFX sentiment with respect to the precious metal was completely unchanged in the past 24 hours, as the share of long traders stood at 55% in the morning on August 18. 

© Dukascopy Bank SA

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