Gold rose for first time in nine days

Gold spent Monday trading session by attempting to revive after Friday's slide to 1,090. However, price gains were extremely limited due to pressure created by Dollar bulls. On Tuesday we expect changes to remain largely muted amid quiet fundamental data calendar. In the medium term the bearish pressure is highly likely to resume, especially as we are going to approach the Fed's December meeting. Bears are targeting the Jul low at 1,070 and monthly S2 at 1,059 afterwards. For the bearish outlook to be eroded, bulls should push the price back above the 1,105 mark.

Following a slight rebound of prices on Monday, the total percentage of bullish positions decreased from 57% to 56% in the SWFX market. However, this level falls just one percentage point short of the highest reading in the past seven weeks.