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"Concerns about Greece's negotiations with its lenders should continue to support a safe-haven bid for gold."
- ANZ (based on CNBC)
Pair's Outlook
Following disappointing US fundamental statistics, Gold gained confident bullish momentum on Friday. It tried to cross resistance at 1,229 (38.2% Fibo), but failed to do so from the first attempt. On Monday morning, however, the bullion was pushed above this level, which is now also strengthened by weekly PP at 1,230. Despite bearish daily technical studies, if the precious metal preserves its bullish trend, we may see it rebounding towards a bunch of supply levels at 1,244 in the next few days (weekly R1, 20-day SMA).
Traders' Sentiment
Sentiment towards the precious metal is remaining strongly optimistic among SWFX traders, while the total share of long opened positions added as many as ten percentage points over two days of the weekend to account for 72% on Monday.
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