© Dukascopy Bank SA
"The prospects of better growth and stronger income should boost gold-buying in China."
- Phillip Futures (based on CNBC)
Pair's Outlook
It seems that a major round level of 1,200 succeeded in providing Gold with considerable bullish momentum. The precious metal surged above 1,210 back on Friday of the last week and continued to increase further in the morning on Monday. At the moment of writing the metal is trading just above 1,220 level, which is strengthened by 20-day SMA and weekly R1 from above. Therefore, bullish development will soon meet a significant resistance area. Moreover, daily technical indicators still prefer a strong bearish case for Gold in the short term.
Traders' Sentiment
Sentiment toward the precious metal is remaining strongly optimistic among SWFX traders, while a total share of bullish positions accounts for 68% in the early morning on Monday of a new working week.
© Dukascopy Bank SA