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"The possibility of further dollar gains is weighing on gold but Asian demand is emerging and may lend support for prices."
- HSBC (based on CNBC)
Pair's Outlook
Despite registering a decline, Gold developed in a much more stable and less volatile environment during the trading session on Tuesday. The bullion was actively supported by the lower Bollinger band at 1,160 which refused to give up and open the way towards 1,146 (weekly S1). Moreover, on Wednesday morning Gold is showing some intentions for a rebound. In case of a successful bullish move, we may observe the yellow metal going up to the monthly S1 at 1,173. Additionally, the moderately bullish outlook is shared by technical indicators on a weekly time-frame.
Traders' Sentiment
Sentiment toward the precious metal is optimistic among SWFX traders as the total share of bullish positions (68%, +4% from yesterday) has a strong advantage over the bearish ones at the moment.
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