© Dukascopy Bank SA
"Physical gold demand in China and India were held back in 2014 amid high stocks and import controls, respectively. Both these shackles have been removed, putting demand on a solid footing as we head into 2015."
- ANZ (based on CNBC)
Pair's Outlook
On Thursday, Gold increased in price and was able to jump above the monthly R1, reaching the daily high around $1,214. At the same time, the price managed to stabilize and returned back just above the weekly S1 towards the end of the trading session. Taking into account mixed daily technical indicators and rather strong resistances and supports around the current trading level, we would suggest it to hover sideways in the foreseeable future.
Traders' Sentiment
Distribution between opened positions for buying or selling Gold remained completely unchanged during last 24 hours. At the moment 75% of SWFX market participants are betting on the upside movement.
© Dukascopy Bank SA