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"We are unlikely to see a big move until the Fed meeting. Gold is not even reacting much to what we are seeing in the equities market."
- a bullion trader in Hong Kong (based on CNBC)
Pair's Outlook
Despite some attempts to move above the 55-day SMA or below the 1,120 mark, the bullion remained flat on a daily basis and neither bulls nor bears gained control over the market. Therefore, XAU/USD has formed a rare Doji candlestick, as both opening and closing prices used to be the same. Moreover, the yesterday's development implies that the tools of technical analysis are unchanged, with daily and weekly indicators giving aggregate bullish and bearish signals, respectively. By hovering below the major supply area of 1,121-31, the bearish scenario still seems to be the most likely one.
Traders' Sentiment
SWFX sentiment with respect to gold stayed unchanged in course of the past three trading days, as bulls and bears are still holding 53% and 47% of all open positions, respectively.
© Dukascopy Bank SA