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"If the Fed rate hike doesn't occur in June and if the (next) labor print doesn't come in as good as the market expects, gold could rise up to $1,250."
- OCBC Bank (based on CNBC)
Pair's Outlook
Despite posting a considerable jump in price on Friday, Gold still managed to respect two closest resistance and support levels and denied developing beyond any of them. The bullion returned back above 1,200 and was capped by a supply zone around 1,210 (100, 55-day SMA). Moreover, this week this resistance area is also reinforced by the weekly PP. On Monday, a correction to the south has a good chance to take place, even though daily technical studies assume the precious metal will continue developing upwards.
Traders' Sentiment
Bulls have a substantial advantage over bears at the SWFX market, as the former ones are holding 73% of all opened trades in the morning on Monday, up four additional percentage points in course of the weekend.
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