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"Gold looks likely to trade a relatively tight range prior to the FOMC meeting next week."
- MKS Group (based on CNBC)
Pair's Outlook
While both bulls and bears are awaiting important fundamental data on Wednesday, they decided to pause in the first two days of the week. Yesterday the bullion was broadly unchanged and the development was focusing on the 55-day SMA at 1,121. This mark attracts attention from both sides, thus keeping the price of gold under pressure. At the moment technical indicators on all time frames are showing bearish signals, anticipating that upcoming data can be good enough for gold to decline. Bears are currently watching the weekly S1 at 1,108, followed by a demand cluster just below 1,100.
Traders' Sentiment
SWFX sentiment with respect to gold stayed unchanged in course of the past four trading days, as bulls and bears are still holding 53% and 47% of all open positions, respectively.
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