© Dukascopy Bank SA
"After $1,200, gold will try to break $1,160."
- Wing Fung Precious Metals (based on CNBC)
Pair's Outlook
The bullion sees no end to its massive losing streak, as on Monday the metal continues to slide down with the March low at 1,207.87 tested successfully. Current trading levels indicate gold is offered at the cheapest price since February 22 and is 6% down over the last nine trading days, while the 1,200 psychological mark is substantially exposed to bearish pressure. In case XAU/USD closes below the March low today, the base attention will switch to the ultra-important years' 2013-2015 downtrend, currently at 1,186.35.
Traders' Sentiment
For the first time in more than seven weeks the SWFX distribution between long and short positions is completely even. Over the weekend the latter have added two percentage points in order to catch up with their bearish peers.
© Dukascopy Bank SA