© Dukascopy Bank SA
"Overall there's a sense that the global economy is not doing well and that has boosted the safe-haven appeal of gold. In the short term, we should see gold stay above $1,250."
- Phillip Futures (based on CNBC)
Pair's Outlook
On Friday, Gold has fully erased all considerable losses that occurred one day before. The XAU/USD cross surged more than $20 per ounce and closed around $1,283 on the last day of previous week. At the moment the bullion's bulls are getting support from the weekly pivot point five US Dollars below from the present spot price. This line, in turn, is also followed by the long-term downtrend at $1,270. Fuelled by bullish weekly technical indicators, sentiment towards the yellow metal remains positive for the short-term.
Traders' Sentiment
Sentiment towards the precious metal is remaining strongly positive among SWFX traders, as share of bullish trades is currently staying at 75% (73% on Friday), the highest level in 15 working days.
© Dukascopy Bank SA