Dukascopy_Analyst

Gold sets ground for continuous recovery

FX:XAUUSD   Gold Spot / U.S. Dollar
59 0 2
"There are a number of positive demand catalysts, including steady fundamental demand from China and India, systematic central bank purchases, and U.S. inflows into the physical gold             ETFs."
- RBC (based on Wall Street Journal)


Pair's Outlook

Monday trading was finished with sharp gains for gold             , as the price closed above the first weekly resistance line at 1,257.50. However, the bulls failed to extend this rally up to the second supply area placed between 1,260 and 1,263. We expect it to happen this week, but we are not ruling out a correction lower on Tuesday after some traders fix profit. It will be more than enough to hold the price above yesterday's low/opening level of 1,239. Among additional bearish risks, the daily technical studies are still maintaining the "sell" view, but dense demand areas below 1,235 should prevent XAU/USD             from deep collapses.

Traders' Sentiment
In the morning on Tuesday only a third of SWFX market participants have held long positions on the bullion. This is down from 37% we had seen 24 hours ago and 51% on Friday.
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out