Dukascopy - Analytics

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    Gold's decline is repeatedly stopped by 55-day MA

    © Dukascopy Bank SA
    "The positive move in global equity markets is bearish for gold."
    - Shandong Gold Group (based on CNBC)

    Pair's Outlook
    Bearish sentiment dominated in the market on Thursday, being that gold slumped below 1,075 for the first time in eight trading days. Eventually prices, which started depreciating from the weekly PP at 1,092, were contained by 55-day SMA at the end of US session. Early in the Asian session on Friday we are observing some mild gains, meaning the moving average is holding strong for the moment. Short-term bullish case is expected by daily technical indicators, but any positive surprise from US statistics later today could put at risk any recovery and expose the area below yesterday low of 1,071.50.  

    Traders' Sentiment
    Price losses that occurred yesterday used to have a positive impact on the SWFX market sentiment. The decline encouraged somewhat move purchases of the safe haven metal, as the percentage of "buy" open positions rose to 56% from 55%. 

    © Dukascopy Bank SA

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