XAU/USD makes first decisive move in six days

The bullion registered a noticeable decline in price yesterday, while falling slightly below the 1,185 mark. At the same time, XAU/USD still remains in the wide range between two weekly pivot points, the weekly PP at 1,193 and weekly S1 at 1,177. Only a development beyond one of these lines will provide a clearer near-term outlook for the yellow metal. On the other hand, daily technical indicators assume that gold may continue developing mainly sideways, even though the medium and long-term studies are giving signals to sell the metal at the moment. 

Advantage of bulls over bears at the SWFX market expanded during the past 24 hours. While staying at 54% in the morning yesterday, the share of long opened positions gained seven percentage points on a daily basis to 61% on Thursday.