XAU/USD fluctuates around 1,180

Gold lost value yesterday, following a positive jump in the beginning of the trading day. A new working week opened with a surge above the 2013 low to 1,184, but all gains were erased later in the afternoon. At the same time, the weekly PP and 2013 low have somewhat succeeded in preventing the metal from retreating further. However, on Tuesday XAU/USD decided to move lower, while the closest demand is only offered by the Bollinger band at 1,167. This level is going to be targeted by bears in the short-term, followed by monthly/weekly S1 at 1,162. 

The total share of long open trades at the SWFX market experienced no major changes from yesterday and it still remains solid at 71%, while bears are in the well-pronounced minority with just 29% of all trades.