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"There are still too many countervailing forces in play and gold is stuck as a result."
- Linn Group (based on Wall Street Journal)
Pair's Outlook
The bullion has finally decided to show some decisive move on Wednesday. Influenced by general bearish trend since April 6, Gold plummeted sharply yesterday and fell as low as weekly S1 at 1,188. Consolidation below this important support should affirm the medium-term negative outlook, and the metal should set a new target level below 2013 low at 1,180. This idea is shared both by weekly and monthly indicators. However, upside risks remain in place, especially in case Gold rebounds back above 1,190.
Traders' Sentiment
Bulls have a substantial advantage over bears at the SWFX market, as they are holding 73% of all opened trades in the morning on Thursday, up one percentage point during past 24 hours.
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