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"Yellen's latest comments might just change the course of gold and cause a downward movement in the price from hereon."
- Phillip Futures (based on CNBC)
Pair's Outlook
Despite still trading above the long-term downtrend line at the moment, XAU/USD continues to show some bearish intentions on Monday, following a first decline in eight days back on Friday. The yellow metal returned below the 1,200 round level and weekly PP at 1,199. Technical indicators suggest the cross will plunge even further in the medium and long-term. However, daily studies are strongly positive right now, meaning that the bullion's short-term revival is not completely off the table.
Traders' Sentiment
Sentiment towards the precious metal is optimistic among SWFX traders as the total share of bullish positions (64%) has a strong advantage over the bearish ones at the moment.
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