© Dukascopy Bank SA
"The market is extremely nervous. A lack of direction is keeping everyone on their toes (with) Monday still very fresh in everyone's minds. Gold is) just following the euro tick by tick.
- MKS in Switzerland (based on Reuters)
Pair's Outlook
Gold experienced almost no changes during Thursday, as it continued to hover above the important $1,200 mark in course of the day, around 55-day SMA and monthly R1. From above it is limited by long-term downtrend line, while the support at $1,192 is represented by weekly R1 and 20-day SMA. However, we consider that the movement to the south is more likely at the moment.
Traders' Sentiment
During last 24 hours, market sentiment on Gold versus the American dollar changed just a little to the upside. At the moment there are 58% of long opened positions on the SWFX market, compared to 57% on Thursday's morning.
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