Dukascopy - Analytics

    Dukascopy

    472.50 6.00/10
    83% of positive reviews
    Real

    Gold closes below 1,115 and shifts attention to 1,100

    © Dukascopy Bank SA
    "Gold prices came under pressure with upbeat U.S. economic data."
    - ANZ (based on CNBC)

    Pair's Outlook
    Gold continued to under-perform on Wednesday, while prolonging the period of daily losses to four consecutive working days. Moreover, the metal closed below both 55-day SMA and 23.6% Fibonacci retracement of the Aug-Sep downtrend, meaning that outlook is deteriorating. We expect the core bearish attention to be focused on the major 1,100 level, which is reinforced by the long term downtrend and lower Bollinger band. Intermediate support is represented by the weekly S2 at 1,105. Despite that, daily studies assume gold is oversold and a rebound is approaching.

    Traders' Sentiment
    Distribution between bullish and bearish market participants at the SWFX market has improved substantially in course of the previous trading session. At the moment the former are holding 52% of all open positions, up three percentage points on a daily basis.  

    © Dukascopy Bank SA

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree