Dukascopy - Analytics

    Dukascopy

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    Gold soars to one-year high, hits 1,263

    © Dukascopy Bank SA
    "People are fearful about currencies, so they've moving to the one currency they are confident in and that's gold."
    - an independent investment manager (based on CNBC)

    Pair's Outlook
    Gold appreciated the most since December 2014 on Thursday, by becoming $60 more expensive in just 24 hours of trading. Only the third resistance managed to contain the rally, while monthly R3/monthly R2 (1,209/13) and May 2015 high (1,232) were both easily penetrated. Trading volume is the greatest since March 2011, while Bollinger bands indicate volatility is ultra-high for the moment. Daily RSI is assuming gold is overbought, thus making a correction back below May high more likely. On the side of bulls, a spike beyond weekly R3 (1,252) should expose the 2015 high at 1,307.  

    Traders' Sentiment
    The bullish-bearish distribution has stalled over the last four days at 43-57%, thus maintaining the biggest advantage for the bears in more than a year.  

    © Dukascopy Bank SA

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