© Dukascopy Bank SA
"It's a wait-and-watch situation right now because there are some key events over the next two days. We have the ECB meet today and (U.S.) non-farm payrolls on Friday, and both could potentially trigger big moves again."
- Precious metals trader in Singapore (based on Yahoo)
Pair's Outlook
XAU/USD continues trading around the major level of $1,200 for a third day in a row. It is still well-supported by the 55-day SMA and monthly R1. At the same time, in upcoming days we predict this level to be crossed and Gold's price is likely to decline. This scenario is highly expected by the weekly technical indicators at the moment, which are giving no bullish signals at all.
Traders' Sentiment
Market participants remain convinced that the price of Gold will advance in the foreseeable future. At the moment as many as 57% of all opened positions stay long on the yellow metal, a downward change of two percentage points during last 24 hours.
© Dukascopy Bank SA