- Dai-ichi Life Research Institute (based on Reuters)
Gold sank the most since July 2015 yesterday, by coming down from the 1,250 area in the beginning of daily trading to below 1,220 later. This is due to substantially higher Greenback in the wake of hawkish remarks by St . Louis Fed head James Bullard. On Wednesday, XAU/USD breached its primary support in face of the weekly S1 and the 23.6% of Dec-Mar uptrend. Now the 1,205 mark is clearly exposed to pressure, but here they will find the monthly , weekly S2 and the lower , meaning the task to penetrate all of them is going to be difficult at first attempt.
Many traders have decided to join the side and raised the respective market portion to 42% from only 35% yesterday.