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    Gold's rally may extend beyond 1,080 on Wednesday

    © Dukascopy Bank SA
    "Gold rose on flight-to-quality as investors sought protection from volatile financial markets in the wake of global stresses."
    - HSBC (based on CNBC)

    Pair's Outlook
    The precious metal's development was subdued in course of Tuesday, with no strong impetus provided by any of American statistical data. On the other hand, political tensions between Russia and Turkey might give the safe-haven metal a reason for growth. The rally is being extended through Wednesday, with the bulls aiming at weekly PP (1,080). Closure and consequent consolidation above this mark should refocus market attention to 1,100 (monthly S1). Medium term outlook, however, expects a confident confirmation of July low from the metal's side.  

    Traders' Sentiment
    Market sentiment with respect to gold remains strongly positive for the moment, being that more than 74% of SWFX traders are holding long positions. However, risks are skewed to the downside as there is more free space for new bearish positions to be opened.  

    © Dukascopy Bank SA

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