Dukascopy - Analytics


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    XAU/USD held above 2014 low

    © Dukascopy Bank SA
    "We are seeing some general risk-off moves in the Asian timezone and some buying of gold would be consistent with that."
    - CMC Markets (based on CNBC)

    Pair's Outlook
    Despite attempts to move back below the 2014 low, the precious metal managed to hold above this important support and closed the trading session at 1,132. On Tuesday a stronger recovery is already taking place, while an immediate supply is represented by the weekly pivot point at 1,140. Still, bulls are expecting to push the price as high as 1,156 in the mid-term, where we may find the 100-day moving average. Bearish case is in turn complicated by the new placement of the monthly pivot point just in between 2014 low and 55-day SMA at 1,128

    Traders' Sentiment
    SWFX sentiment with respect to gold rebounded just two percentage points in the past 24 hours of trading, as bulls and bears are currently holding 56% and 44% of all open positions, respectively.  

    © Dukascopy Bank SA

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