© Dukascopy Bank SA
"Gold is surprisingly firm given all the noise. However, this seems to be explained by a key technical break higher through €1,000 in Euro gold."
- Standard Bank (based on MarketWatch)
Pair's Outlook
XAU/USD cross showed a bullish development for a third consecutive day back on Tuesday of this week, as it breached the weekly R1 resistance line and went even further to the upside. The price has also hit the long-term down-trend line around $1,223, which sent Gold slightly to the south later during the trading. For now we do not expect this resistance to be crossed in the near term, while bears may gain enough strength to commence a correction period. Moreover, technical indicators on daily, weekly and monthly charts are bearish at the moment.
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 majority with 75% of all trades. Therefore, bullish majority has registered no changes during past 24 hours and is remaining on the highest level in 12 trading days.
© Dukascopy Bank SA