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"The only reason gold may benefit will be purely from a safe-haven perspective."
- OCBC Bank (based on CNBC)
Pair's Outlook
Both long and short traders were attempting to lead the gold market in course of yesterday; however, these intentions resulted in failure and eventual stand-off, as the bullion closed just below the weekly R2 at 1,108, some three dollars above the previous day's closing price. Daily technical indicators are mixed for several days in a row, so are the weekly and monthly studies. Therefore, outlook remains broadly neutral, despite possible spikes in turbulence in the foreseeable future.
Traders' Sentiment
SWFX sentiment with respect to the precious metal deteriorated again, as recent market volatility sent the share of bulls down from 61% to 59%.
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