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"Gold and silver flounder against a backdrop of no major data releases to give price guidance and sluggish physical demand."
- HSBC (based on CNBC)
Pair's Outlook
It seems that market decided to limit the bullion's movements on Wednesday, following a sharp decline a day before. The XAU/USD cross made no single attempt to plummet below the weekly S2 at 1,182 or grow back above the resistance area at 1,194. The metal is likely to wait for additional drivers at the end of the week and will stay broadly unchanged on Thursday. Nevertheless, any close beyond the mentioned supply or demand zones may provoke substantial gains or losses, respectively. The short-term technical studies are bullish, with four of them giving signals to buy the precious metal.
Traders' Sentiment
Advantage of bulls over bears at the SWFX market change just a little from yesterday, and the gap between them widened by two additional percentage points during the past 24 hours. The total share of longs currently stays at 62% versus 38% for shorts.
© Dukascopy Bank SA