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"We look for a moderate recovery this year based on anticipated demand from China and India, where long-term economic and demographic trends argue for increasing bullion demand."
- HSBC Securities Inc. (based on Bloomberg)
Pair's Outlook
For the second consecutive day Gold is showing almost the same tendency in terms of overall movements of the price. Volatility has also stayed rather high, as maximum trading levels were reaching $1,244, above the weekly R1. Despite that, XAU/USD's daily change was small as it closed slightly down and just below the 38.2% Fibonacci retracement at $1,227. A considerable change took place with technical indicators, as daily ones are now pointing strongly to the upside by giving completely no signals to sell Gold in the near term. Monthly studies, however, are still pointing to the south.
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 73% of all trades. Over last trading day, it implies a positive swing of one percentage point.
© Dukascopy Bank SA