- MineLife Pty Ltd. (based on Bloomberg)
After moderate losses at the end of last week, gold opened substantially lower Monday morning. The bullion is setting eye on July low, which capped a decline twice during the previous working week. risks are also rising before today's announcement of the Fed. In case the 1,070 mark is crossed, the likelihood of monthly S2's (1,059) violation will increase. Trading remains high, meaning is going to be uplifted. Meanwhile, in the aggregate, daily technical indicators are currently pointing downwards.
Market sentiment with respect to gold remains strongly positive for the moment, as more than 70% of SWFX traders are holding long positions. On Friday the scenario was supported by 72% of traders.