- OCBC Bank (based on CNBC)
strength pushed the bullion substantially lower during the first trading session of this week. Recovering equity markets in Asia and risk-seeking sentiment resulted in XAU/USD's retreat below the psychological level of 1,100. Gold managed to limit the sell-off at the weekly at 1,092, the second support for it yesterday. Some buoyant action is possible in the next 24 hours, but the mid-term risks are still skewed to the downside. While aiming at the 1,084/81 , the bears will be helped by the main resistance, namely 100-day at 1,107.
Distribution between open positions in the SWFX market has been flat for a third consecutive day on Tuesday, as the bulls and bears are still holding 55% and 45% of them, respectively.