© Dukascopy Bank SA
"With Greece due to make the first of four payments to the IMF this coming Friday the prospect of any form of agreement between now and then looks fairly slim."
- CMC Markets (based on WBP Online)
Pair's Outlook
The XAU/USD cross continued to trade mostly sideways in course of last trading session of the previous week. Any attempts to erase Tuesday's losses were capped by a strong resistance around 1,195. This supply area, which consists of monthly PP and 55-day SMA, is most probably going to keep bulls under pressure during the first days of a new week. However, any move above 1,197 will provide a great opportunity for bulls to push the bullion as high as 1,211 (200-day SMA). On the other hand, bears will continue to target the May 1 low at 1,169.
Traders' Sentiment
Advantage of bulls over bears at the SWFX market remains strong. The total share of long opened positions increased by two percentage points during the weekend and reached 63% in the morning on Monday.
© Dukascopy Bank SA