© Dukascopy Bank SA
"What brought gold back was there are three continents that have to stimulate their economies. We not only saw softness in Europe with the PMIs, we saw softness in Japan."
- RBC (based on CNBC)
Pair's Outlook
The bullion for immediate delivery climbed 3.8% to hit the daily maximum at $1,221 per ounce on Monday. It seems that daily pivot points were too weak for the metal to stop it from rising. It was able to breach the long-term downtrend, but closed below it at $1,211 at the end of the trading day. We expect the Gold to consolidate on Tuesday and decline to the daily S1 at $1,162 in course of the day.
Traders' Sentiment
Distribution between bullish and bearish positions on Gold remains biased to the positive side, even though a number of former went down slightly, as some traders took profit from yesterday's increase. Right now 56% of all opened positions stay long on the metal (59% yesterday).
© Dukascopy Bank SA