© Dukascopy Bank SA
"With three full weeks until the Chinese New Year, a key buying time for precious metal jewellery and investment products, demand ought to continue to be strong."
- Mitsubishi (based on Bullion Vault)
Pair's Outlook
One more trading session was spent without any bullish or bearish lead. The bullion hovered in a quite wide range, but ended the US session just below the weekly pivot point at 1,086. Next three days will be driven by important fundamentals from US and other regions. In particular, US CPI data should drive gold on Wednesday. A positive surprise is likely to trigger losses for the yellow metal down to monthly R1/20-day SMA at 1,084. In the meantime, bullish traders are feeling confident in targeting the last year's September low at 1,098, which guards a major psychological level of 1,100.
Traders' Sentiment
Yesterday more SWFX traders took the long stance with respect to the metal, by pushing the bullish portion up by one percentage point from 55% to 56%.
© Dukascopy Bank SA