XAU/USD retreats on Tuesday

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Gold's ability to claw and sustain above $1151 will be a preliminary signal that a significant low has been established." 
- Mike Paulenoff, 30-plus year Wall Street veteran, MPTrader.com 


Pair's Outlook 
The yellow metal retreated on Tuesday morning. As it was forecasted before, the bullion did not manage to break the resistance put up by the weekly pivot point at 1,140.81 and began a retreat after a few attempts in breaking the level of significance. Due to that the metal is positioned to continue the decline, as the closest level of support is at 1,127.20, where the lower Bollinger band is located at. Moreover, afterwards the closest support is located near the 1,119, where a strong support cluster begins.  

Traders' Sentiment 
Traders remain largely bullish, as 61% of open positions remain long on Tuesday. Meanwhile, trader set up orders have almost become neutral, as 51% of pending commands were set up to buy the metal.
© Dukascopy Bank SA

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