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"Despite the fact that most people are swaying back and forth on the timing of the U.S. rate hike, there is still consensus that it will happen this year."
- Wing Fung Financial Group (based on CNBC)
Pair's Outlook
On Monday, two simple moving averages (20 and 100-day) came together in order to push the precious metal considerably to the downside. They succeeded in achieving this goal as Gold dropped even below the weekly pivot point to close the trading session at 1,206. Moreover, a decline continued on Tuesday and the metal fell down to weekly S1 at 1,195. This support, however, is pushing the bullion back above the round mark of 1,200. Daily technical indicators remain bearish at the moment; therefore, a present rebound is likely to be short-lived.
Traders' Sentiment
Sentiment toward the precious metal is remaining optimistic among SWFX traders, even though a total share of bullish positions plummeted by 16% during past 24 hours, down from 68% to just 52% on Tuesday morning.
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