Gold spikes towards mid-November highs at 1,085

FX:XAUUSD   Gold / U.S. Dollar
33 0 1
"If the dollar is unable to rally we may see further (short) squeezes towards $1,095-$1,100 in the short term leading into next week's FOMC meeting."
- MKS             Group (based on CNBC)

Pair's Outlook
Disappointment from the ECB was fully priced into gold             on Friday. The precious metal surged by around $20 per troy ounce. XAU/USD             pierced through the July low to close just below the monthly pivot point at 1,085. We expect some selling pressure to be in place here. Unless the mentioned monthly resistance is crossed to the upside, the short term outlook for the bullion will remain bearish . Otherwise, a rally above 1,086 should allow for the extension of gains in the direction of 100/55-day SMAs at 1,116/18. However, this scenario looks increasingly unlikely by the monthly technicals.

Traders' Sentiment
The short traders have continued to gain ground throughout the weekend, as the share of bulls slipped further to reach 64% by Monday morning.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out