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"We believe that the gold market will remain bearish for the rest of the year in response to Fed rate hikes."
- Barclays (based on CNBC)
Pair's Outlook
Broadly speaking, the yellow metal has been unchanged for a fifth consecutive day in a row. Yesterday, the XAU/USD cross was pushed slightly to the downside below 1,160, helped by strength of the weekly pivot point which is placed around the same level. Currently, the bullion is range bound between 1,160 and 1,145 (weekly S1). Therefore, ability to consolidate beyond one of these marks will determine the future development of the precious metal, while daily technical indicators see the break-out to take place to the downside.
Traders' Sentiment
Sentiment toward the precious metal is optimistic among SWFX traders as the total share of bullish positions (74%, +10% since yesterday) has a strong advantage over the bearish ones at the moment.
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