Dukascopy - Analytics

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    Gold to test reliability of Aug high

    © Dukascopy Bank SA
    "There has been more uncertainty in recent days about the timing of a rate hike, and that is not helping gold."
    - a trader in Sydney (based on CNBC)

    Pair's Outlook
    The precious metal continues losing value for a fourth consecutive day on Tuesday. Yesterday the metal dipped below the 200-day SMA, but held above the Aug high at 1,170. Today a violation of the latter level is highly likely, noting prevailing bearish sentiment in the market. A fall below the 1,170 will be expected to cause additional losses in the foreseeable future. The next target area for short traders is placed at 1,155/53, where weekly S1 merges with the 20-day SMA. Meanwhile, extra demand is offered by the monthly R1 at 1,147.

    Traders' Sentiment
    The total number of long and short open positions in the SWFX market remained unchanged from Friday of the previous week. The former and the latter are still holding 51% and 49% of all trades, respectively.  

    © Dukascopy Bank SA

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