Gold leaves support eroded at 1,147

US Dollar continued to strengthen at the expense of gold prices on Thursday. XAU/USD slumped below 1,150 and erased the monthly R1/weekly S2 at 1,147/46. The bullion is required to consolidate below both of them and start testing 55/100-day SMAs at 1,140 in the nearest future, in order to underpin medium term bearish expectations. On the other hand, 55-day SMA has just crossed 100-day moving average to the upside, meaning market sentiment is now shifting in favour of bulls. Moreover, weekly studies are sharing bullish views with respect to gold.

After seven consecutive days of stagnating SWFX market sentiment, bulls have eventually managed to push their share up to 54% on Thursday.