© Dukascopy Bank SA
"The strength of the dollar as a haven continues, and investors may look beyond Greece to Fed rate action. This may be a headwind for gold."
- RBC Capital Markets (based on Bloomberg)
Pair's Outlook
The bullion gained value for the first time in four days last Friday, and the trading opened even higher around 1,174 Monday, pricing in the result of the Greek referendum. However, gains are likely to be slashed in the near-term, judging from the most recent downward price developments. The precious metal is also estimated to slump in the medium-term, according to the weekly technical indicators. The closest support is placed at 1,158 (Bollinger band), followed by the monthly/weekly S1 at 1,154.
Traders' Sentiment
The share of long open positions at the SWFX market advanced moderately over the weekend, as it remains solid at 66%, while bears are in the minority with just 34% of all trades. Bullish share gained three percentage points in the past 72 hours.
© Dukascopy Bank SA