Gold extends losses but fails to confirm support at 1,125

Despite the fact that the precious metal continued to slide in value on Tuesday, it was unable to register the daily closing price below an important support zone at 1,125. The price is required to consolidate below this area in order to refocus our attention on lower levels, namely the major 1,100 mark. Keeping in mind neutral signals from daily and weekly technical indicators, the bullish scenario is not considered to be dominant at the moment, while bears are likely to keep the price under pressure in the nearest future.

Distribution between bullish and bearish market participants at the SWFX market has been unchanged during the past 24 hours as bulls and bears continue holding 49% and 51% of all open positions, respectively.