Gold tests ability to consolidate beyond 1,170

FX:XAUUSD   Gold / U.S. Dollar
59 0 0
"If the Fed holds off raising rates, then the USD will be weaker and gold             should outperform."
- UBS             (based on CNBC)

Pair's Outlook
We are observing some selling pressure for the first time in seven trading days. XAU/USD             surged above and closed beyond the August high of the previous year, while surpassing the second monthly resistance at the same time. A downward correction should be capped by the weekly pivot point and Sep 2015 high at 1,156/54. In case of a riskier bearish trade, another demand is offered by the monthly R1 at 1,143. Meanwhile, in case gold             consolidates above 1,170 on Monday, our attention will immediately turn to both Oct             2015 high and weekly R1 at 1,191/93.

Traders' Sentiment
The bulls have eroded their sluggish advantage they had been maintaining for the last three months. At the moment the aggregate bullish-bearish distribution of open positions is neutral.
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