Gold supported by ECB decision as trading volume spikes

FX:XAUUSD   Gold Spot / U.S. Dollar
27 0 0
"Further dollar short-term weakness will support the precious complex. Support levels for gold             are in the mid 1,040's and immediate resistance in the high 1,060's."
- MKS             Group (based on CNBC)

Pair's Outlook
The precious metal hovered in positive direction on Thursday, especially pricing in the "hawkish easing" from the ECB, which sent the Dollar strongly lower in the market. In the past two weeks we have seen more green candles appearing in the daily chart . It proclaims that an active phase of losses has probably come to an end, as markets are refocusing from the ECB to the Fed. We expect the bullion to trade predominantly sideways, unless either July low at 1,070 or 2010 low at 1,044 is breached. The mid-term projection, however, will continue carrying the bearish bias.

Traders' Sentiment
After losing four percentage points in the past 24 hours, the portion of bullish positions dipped down to 67% in the SWFX market.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
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