© Dukascopy Bank SA
- TheGoldForecast.com (based on MarketWatch)
Pair's Outlook
The bullion rebounded significantly in course of Monday, as bullish impetus was received from the weekly pivot point at $1,185. As a result, the XAU/USD surged up to a difficult resistance at $1,205, represented by the monthly S1. At the moment we do not see the yellow metal crossing this level and expect the bearish pressure to revive in the nearest future. Eventually, we predict the weekly PP to be crossed, as suggested by weekly technical indicators.
Traders' Sentiment
No major changes in the market sentiment were observed during the first working day of this week. At the moment as many as 59% of all opened positions on the SWFX market are betting on increase of Gold's price in the foreseeable future, while yesterday this idea was supported by 61% of market participants.
© Dukascopy Bank SA