© Dukascopy Bank SA
"Fears around China, oil and negative interest rates have likely been overstated in the gold price and other financial markets."
- Goldman Sachs (based on Reuters)
Pair's Outlook
Tuesday was a mixed day for the bullion, as neither the bulls nor bears were managing to take a full control over the price. However, by the end of US session the latter were able to fix a red candle with the spot precisely at the 1,200 mark. The bears are still watching the Oct 2015 high at 1,191 that was briefly touched yesterday. The second support is the weekly S1 at 1,180. In the meantime daily technicals preserve the bullish bias, as they see the monthly R3 (1,209) being reclaimed over the next 24 hours. Bullish success here will potentially expose the weekly pivot point (1,221) as the second daily supply.
Traders' Sentiment
Losses for the bullish side in the SWFX market were extended throughout the second day of this week, as their share slid to 27% from 31% a day before.
© Dukascopy Bank SA