© Dukascopy Bank SA
"Prices are likely to remain sensitive to monetary policy expectations. Expectations for a delay in liftoff of rates would be interpreted as positive for gold."
- HSBC Securities (based on Bloomberg)
Pair's Outlook
For the first time in five days the precious metal registered a more pronounced daily move, while appreciating above the 1,190 mark. The bullion is now approaching the weekly pivot point at 1,193. However, a breach of this resistance does not guarantee any further gains, specifically taking into consideration a dense supply area at 1,197 (monthly PP, 55-day SMA and 20-day SMA). XAU/USD requires a close above this mark to affirm the medium-term bullish expectations.
Traders' Sentiment
Advantage of bulls over bears at the SWFX market decreased additionally during the previous trading day, as the total share of long opened positions went down by one percentage point to 54% in the morning on Wednesday.
© Dukascopy Bank SA