© Dukascopy Bank SA
"Yellen's comments and the positive impact it has had on the dollar is not helping gold."
- a precious metals' trader in Singapore (based on CNBC)
Pair's Outlook
On Friday, the precious metal attempted to develop beyond the major cluster of resistances at 1,214. However, 200 and 100-day SMAs, weekly PP and monthly R1 rejected this idea from bullish side and pushed the Gold back to the downside. At the same time, the bullion is also supported by the 20-day SMA at 1,203, which has been limiting the metal's losses for three consecutive days. Therefore, only a jump above 1,214 or a drop below 1,203 will determine the bullion's future intentions. Meanwhile, daily technical indicators are bullish, while weekly and monthly ones give the aggregate signal to sell Gold.
Traders' Sentiment
Advantage of bulls over bears at the SWFX market is remaining insignificant, even though the gap between them increased over the past 72 hours. The total share of bulls currently stays at 55% versus 45% for bears.
© Dukascopy Bank SA