Dukascopy - Analytics


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    Gold pulls back to reach 1,250

    © Dukascopy Bank SA
    "We have two central bank meetings this week as the BOJ commence a two-day meeting today and the FOMC announce their interest rate decision on Wednesday." 
    - MKS Group (based on CNBC) 

    Pair's Outlook 
    On Friday the bullion was out of power to hold to earlier post-ECB gains, as the price eased to the 1,250 mark from intraday peaks above 1,270. Nonetheless, the most important February trend-line remains intact and secured from additional bearish attacks. Future perspectives are moderately bullish and we are looking for the 1,280 mark to be finally confirmed. Looking back, three previous attempts to violate this level had been unsuccessful. Daily technical indicators continue supporting the idea of the advance, while only a slump as low as 1,230 (weekly S1) might destroy the positive forecast.   

    Traders' Sentiment 
    Over the weekend the percentage of long open SWFX positions has been steady at only 42%, meaning the bears are taking up about 58% on Monday morning. 
    © Dukascopy Bank SA

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