© Dukascopy Bank SA
- based on Bloomberg
Pair's Outlook
Following a non-volatile trading session on Monday, Gold managed to tap at the top trend-line of the three-month descending triangle at 1339.83. XAU/USD is currently approaching 1332.22, the 55-day SMA which will then shift the risk to 1329.53 if broken. The senior wedge bottom trend-line is likely to limit the weakness at 1317.97, which will possibly serve as a starting point for a reversal when the pair begins to move to the top trend-line of the wedge. The triangle, however, suggests that the wedge might be mature enough to break soon, suggesting that a violation of 1317.97 is feasible and could open the way to 1302.08, the bottom trend-line of the triangle.
Traders' Sentiment
Traders have remained almost as bearish on Tuesday as they were on Monday, showing a 55% of positions being long (53% on Monday).
© Dukascopy Bank SA