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"Concerns about Greece has lent some support to gold. Weighing on the price is persisting strength in the U.S. dollar. Optimism about the U.S. economy has increased expectations of higher rates."
- Kotak Commodity Services Ltd. (based on Bloomberg)
Pair's Outlook
Being supported by the 20-day SMA, the yellow metal managed to register its first increase in price in nine trading days on Friday. The bullion was pushed towards the 1,160 mark, while a rise continued on Monday with a breach of the weekly pivot point located on the same level. In case bulls manage to hold the current positive momentum, we should observe the bullion's jump up to the closest significant resistance area at 1,173 (weekly R1; monthly S1). On the other hand, a failure to sustain growth may result in a decline down to 1,145 (weekly S1).
Traders' Sentiment
Sentiment toward the precious metal is optimistic among SWFX traders as the total share of bullish positions (64%, -4% over the weekend) has a strong advantage over the bearish ones at the moment.
© Dukascopy Bank SA