Dukascopy - Analytics


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Gold touches 1,090 after US labour market data

© Dukascopy Bank SA
"Further downwards pressure is expected on the precious complex in the lead up to the December FOMC meeting."
- MKS Group (based on CNBC)

Pair's Outlook
There was no chance given to the bullion to commence any kind of recovery on Friday, owing to strongly optimistic jobs report for October. XAU/USD slid below the major 1,100 mark, which was guarded by the monthly S1. Our medium term expectation is refocusing on the Jul low around 1,070 and supports appreciating US currency. At the same time, short term development is highly likely to be little turbulent amid lack of fundamental drivers on Monday and Tuesday. This scenario is shared by mixed daily and weekly technical indicators.  

Traders' Sentiment
Many traders decided to close their short trades and provided more space for bulls in the SWFX market. Thus, the portion of the latter grew from 55% to 57% over the weekend, the highest percentage in seven weeks.  

© Dukascopy Bank SA

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