© Dukascopy Bank SA
"People are very uncertain about the markets and are wondering whether Greece will break out of the euro zone."
- Lee Cheong Gold Dealers (based on CNBC)
Pair's Outlook
On Friday, XAU/USD cross made an attempt to cross one of the major and closest demand areas at $1,291 and commence a downtrend movement. However, this level, represented by the weekly pivot point and 61.8% Fibonacci retracement pushed the bullion back towards the major level of $1,300. On the other hand, taking into account a strong resistance around $1,310 (weekly R1; 2011 low) and despite bullish technical studies on a daily chart, we expect to see the second bearish attempt to breach the mentioned support line and trade to the south.
Traders' Sentiment
Advantage of bulls over bears to buy the precious metal continues to stay strongly above 60% after a short-term fall in the beginning of the previous week, as the share of long positions among SWFX traders has been completely unchanged in course of last 72 hours to remain at 66% on Monday's morning.
© Dukascopy Bank SA