Dukascopy

Gold guided down by stronger Greenback

FX:XAUUSD   Gold/U.S. Dollar
79 0 1
"While we do not believe the rally will be reversed, we suspect that…the market could use a period of consolidation."
- HSBC             (based on Wall Street Journal)

Pair's Outlook
Ahead of the meeting of the European Central Bank the Dollar is broadly gaining ground across the board. This is putting downside pressure on gold             for a second consecutive day on Wednesday. Despite that, we do not see any substantial losses and the price holds above the weekly pivot point of 1,251. A breakthrough here would neutralize our outlook on the bullion and we will see the February uptrend (1,233) back at risk of being penetrated. However, given positively-biased daily technical indicators and support lines at 1,228/23, a slide is unlikely to be long-lasting.

Traders' Sentiment
Market sentiment in the SWFX market is changing within the margin of error on a daily basis. Over the past 24 hours the bearish share rose to 59% from 57%, therefore regaining two percentage points it had lost one day before.
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