© Dukascopy Bank SA
"From a strictly fundamental viewpoint, gold is trading approximately the way it should, slightly jumpy and range-bound."
- TheGoldForecast.com (based on MarketWatch)
Pair's Outlook
On Tuesday, Gold has unexpectedly jumped due to political tensions in Greece, which increased demand for the safe-haven metal. The bullion managed to climb even above the weekly R1 at $1,209, but returned back below the monthly R1 and closed the trading session on the major level of $1,200. From technical point of view, the yellow metal is now supported by a cluster of support levels, including monthly and weekly PP, which are unlikely to let Gold decline considerably. Technical indicators, however, are remaining broadly bearish.
Traders' Sentiment
Distribution between opened positions for buying and selling Gold is still remaining strongly positive and in favor of former, as bulls have a stable majority with 73% of all trades, up six percentage points from yesterday. This is the largest bullish sentiment in a week time.
© Dukascopy Bank SA