© Dukascopy Bank SA
– Bloomberg
Pair's Outlook
Gold made several patterns give in to the three-week senior one, setting a ground at 1169.10 on Monday. Tuesday morning the bullion opened in the green zone, eager to re-test the upper trend-line of the channel at 1178.21 where it is strengthened by the weekly Pivot Point. The XAU/USD pair is still near the senior downtrend (1158.87) that it has been respecting since August. Nevertheless, it has failed to touch it on the current wave south. Therefore, we see potential for a reversal during the session, that would lead to losses for the bullion and a close near the downtrend.
Traders' Sentiment
Traders are bullish on the commodity with 60% of open positions being long. Pending orders, while down from Monday's 66% long, showed 60% of traders showing optimism.
© Dukascopy Bank SA