Dukascopy

Gold: key watch on long-term uptrend at 1,247

FX:XAUUSD   Gold/U.S. Dollar
62 0 1
"There's a little bit of fatigue in there as well with the strong rally we've seen in the past few weeks, so it feels like a bit of profit taking going on sparked by the Fed comments."
- ANZ (based on CNBC)

Pair's Outlook
Gold             has formally broken the long-term uptrend line near 1,245 yesterday, but it has a chance to show the bulls remain active. The drop was caused by stronger Greenback, which recovered after the astonishing slide last week. The key watch is on 1,250 for the next 24 hours. Ability to close above here will revive the possibility of a rally beyond the February high located at 1,263.50. The main support is still offered by the 20-day SMA at 1,241. Reliability of this lonely demand can be questioned, while a failure here will keep traders focused on much lower levels circa 1,205/12.

Traders' Sentiment
Monday has seen an improvement in terms of the bullish side of SWFX positions. It added three percent to increase up to 34% by the March 22 morning.
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