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"Considering that the dollar has gained across the board, gold has been holding up extremely well."
- UBS (based on Bloomberg)
Pair's Outlook
Last Friday, the bullion fell slightly to trade around $1,195 per ounce at the end of trading session, even though the overall picture for the metal remained neutral. Gold is still unable to climb higher than the monthly R1 at $1,205, which is reinforced by a number of other strong resistance levels. According to technical indicators, in the weekly perspective we should see bears taking the lead and the pair losing value. The next support line is located as far as at $1,177 (weekly S1).
Traders' Sentiment
Distribution between opened positions for buying or selling Gold went down marginally to reach 73% in the morning of today. On Friday, however, 75% of SWFX market participants were betting on the upside movement.
© Dukascopy Bank SA