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"Gold will continue to be weighed down near term by the strong U.S. payrolls from Friday."
- ANZ (based on CNBC)
Pair's Outlook
An attempt of Gold to return back above the monthly S1 (1,175) turned to be completely unsuccessful. The bullion was immediately sent back by this important resistance line, which is also strengthened by the 2013 low from the north. As a result of that, the precious metal resumed its bearish trend and is currently trading around the 1,160 mark. There are no technical levels that may support Gold until the weekly S1 at 1,146 and prevent further sell-offs. Therefore, forecasts for the yellow metal tend to stay strongly pessimistic at the moment.
Traders' Sentiment
Sentiment toward the precious metal is optimistic among SWFX traders as the total share of bullish positions (64%, -1% from yesterday) has a strong advantage over the bearish ones at the moment.
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