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"Gold will continue to track moves in the dollar, as it is very sensitive to U.S. monetary policy."
- a precious metals trader (based on CNBC)
Pair's Outlook
The precious metal corrected slightly lower on Friday, following strong gains the metal had observed back on Thursday. However, bears are unable to push the price through the 61.8% Fibonacci retracement of the Aug-Sep downtrend and weekly pivot point at 1,142/41 so far. A failure at this cluster will change our outlook from neutral to negative. On the other hand, any future positive expectations require a consolidation above the 100-day SMA, currently at 1,148. Meanwhile, present neutral projections are supported by daily and weekly technical indicators.
Traders' Sentiment
Distribution between bullish and bearish market participants is completely neutral in the morning on Monday as the share of former slipped three percentage points over the weekend.
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