XAU/USD is rapidly gaining value

Gold soared to its highest level in five weeks, as Fed minutes forced the Dollar to collapse and restored the metal's safe-haven status. An increase has been $30 per ounce since Thursday morning, while the bullion is now hovering above 100-day SMA at 1,165. Both 2013 low and 200-day SMA at 1,178/87 serve as next main obstacles for bulls. Moreover, the former one is strengthened by the Jul high at 1,175. Therefore, unless the bullion overcomes all of these levels we would suggest the bullish tendency is not stable enough to change our outlook from neutral to positive.

SWFX sentiment with respect to gold picked up even more in the past 24 hours, as now bulls and bears are holding 58% and 42% of all open positions, accordingly.