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"My belief is that the big surprise this year is that investor confidence in central banks collapses. And when that happens — I can't short central banks, although I'd really like to, and the only way to short them is to go long gold, silver and platinum."
- Marc Feber, Swiss investor (based on MarketWatch)
Pair's Outlook
Following a strong jump above the weekly R1 to hit $1,244, Gold lost the vast part of its yesterday's gains to fall even below the monthly R1 and close the day at $1,234. At the moment the price of the metal is bounded between the mentioned resistance and 38.2% Fibonacci retracement which are limiting XAU/USD's ability to develop in either direction. Nevertheless, judging from technical indicators, a short-term bullish action is still possible, before Gold will finally start losing value amid broad strength of US dollar.
Traders' Sentiment
Distribution between opened positions for buying and selling Gold is still remaining strongly positive and in favor of former, as bulls have a majority with 72% of all trades. Over last trading day, it means a negative change of three percentage points.
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