Gold's correction is stopped by July low at 1,070

FX:USDJPY   U.S. Dollar/Japanese Yen
10 0 0
"Against the backdrop of sound growth, higher interest rates and muted inflation , gold             should remain out of favour among investors."
- Julius Baer (based on The Economic Times)

Pair's Outlook
Volatility of gold             prices remains quite high for the moment, as we are nearing the crucial meeting of the Fed, which is weighing on the Dollar's value. Yesterday we saw the bullion tumbling from Friday highs at 1,085 to July low around 1,070. The monthly pivot point used to be a heavy obstacle for the bulls, meaning short traders are confident in their commitment of pushing prices lower in the mid-term. We are watching the summer low today, a decline below which should prolong a sell-off in the direction of the long-awaited 2010 low at 1,044.

Traders' Sentiment
After four-day period of losses for the bullish market participants, during which their portion decreased by ten percentage points, yesterday we observed little change in traders' priorities. The longs continue holding around 64% of all SWFX trades on Tuesday.
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