Dukascopy - Analytics

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    Gold looks for support

    © Dukascopy Bank SA
    "People are willing to take risk again." 
    - Shaw and Partners (based on Bloomberg) 


    Pair's Outlook 
    Although gold confirmed a breakout by bouncing off of the new support at 1,191.50, the bullion does not seem to be in a hurry to advance further north. However, it seems that the price is forming a symmetrical triangle, and at the same time there is a strong support level at 1,210, which should be able to trigger a new wave of buying. On the other hand, a deeper decline will imply formation of a descending triangle, meaning the downside risks will substantially increase. 

    Traders' Sentiment 
    The share of short positions grows. While last week 68% of the SWFX traders were bears, today nearly three fourths of positions are to profit from gold's depreciation.
    © Dukascopy Bank SA

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