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    Gold at 15-month peak as haven demand surges

    © Dukascopy Bank SA
    "With the majority of Asia out today and London on holiday tonight we are expecting a range-bound session. However as gold trades towards $1,300, days of thin liquidity can throw up surprises."
    - MKS Group (based on CNBC)
     
    Pair's Outlook
    On Friday gold prices were a subject to the sharpest rally since mid-March. Daily increase, which amounted to more than 2%, brought the spot to the 1,292.10 mark by session-end, up from 1,232.66 last Monday. Considering continuous weakness of the Greenback, climbing haven demand and bullish technical indicators, we are not ruling out a testing of the 1,300 major psychological mark, followed by the 2015 high at 1,307.06. The fresh monthly pivot is expected to contain any short-term loss at 1,265.92. Volatility will likely remain uplifted for some period of time.  
     
    Traders' Sentiment
    Sentiment of the SWFX market tanked over the weekend, as various bullish transactions were forced to close amid large-scaled profit-taking. There are only 33% of long open positions on Monday morning, down from 36% before the weekend.  
     
    © Dukascopy Bank SA

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