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"There is pessimism for gold prices at the moment. The pressure is not done yet... For the coming two days, I still think the bearish sentiment will dominate."
- Wing Fung Financial Group (based on CNBC)
Pair's Outlook
Despite the fact that yesterday the bullion failed for a ninth consecutive day and closed below the March low, a continuous decline is not on the table yet. Firstly, we should see a consolidation under this historical marker of 1,207.87 on Tuesday. There is no guarantee of such a scenario, given that daily technical studies are mixed today. However, if this mission is accomplished, then the bears should start aiming at the first weekly support of 1,193.94, followed by the long-term 2013-2015 downtrend at 1,186.25. Meanwhile, from the topside the closest supply can be found at 1,218.32 (100-day SMA).
Traders' Sentiment
More than 52% of all SWFX positions are bullish on the yellow metal in the morning today, proclaiming an increase of about two percentage points over the past 24 hours. Therefore, the longs are now enjoying their highest market share in more than 16 weeks' time.
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