© Dukascopy Bank SA
"The market will remain focused on the U.S. payrolls number to be released this week. A weak print could see gold push above $1,200 an ounce."
- Australia & New Zealand Banking Group Ltd. (based on Bloomberg)
Pair's Outlook
The precious metal provided some up-trend on Monday, as a reliable resistance at 1,180 helped bulls to stay dominant on the market. Despite that, XAU/USD will soon face a resistance zone at 55-day SMA/monthly PP, which will put pressure on it in the near-term. A close above this area will give the metal an opportunity to rise up to 1,205. On the contrary, the bullion also remains under the risk of dropping as low as 1,150 (2015 low) in the medium-term, in case bears send the metal below the Bollinger band at 1,175.
Traders' Sentiment
Advantage of bulls over bears at the SWFX market is considerable at the moment, as the former are dominating by keeping 74% of all opened positions, a rebound of one percentage point since yesterday.
© Dukascopy Bank SA