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    Gold avoids sharp downward moves

    © Dukascopy Bank SA
    "The general expectation is for the Fed to raise rates next year, but in recent days we have seen some robust data from the U.S. and cannot completely rule out a December rate hike."
    - a trader in Hong Kong (based on CNBC)

    Pair's Outlook
    Expectations with respect to gold perspectives remain moderately pessimistic, even though the bullion rejected the idea of moving strongly to the south yesterday. This outlook will be in place, as long as the price remains below the Aug high. Closest demand, the main target for bears, is placed around the 1,155 mark, which is built by weekly S1, 20-day SMA and Oct 12 low. Additional pressure is created from the upside by the 200-day SMA, currently at 1,174.

    Traders' Sentiment
    SWFX market sentiment with respect to the precious metal remained broadly unchanged for the past three weeks. Yesterday the bullish share was flat for a third day in a row at 52%, while their advantage still remains very negligible right now.  

    © Dukascopy Bank SA

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