Gold refrains from confirming triangle pattern

FX:XAUUSD   Gold / U.S. Dollar
129 0 0
"The strength in stocks and the dollar is obviously a barrier to gold's move higher. Gold             is losing its safe-haven bid."
- High Ridge Futures (based on Wall Street Journal)

Pair's Outlook
Our short-term views with respect to the bullion are broadly unchanged. Since Thursday the metal has been oscillating around 1,100. We are therefore remaining bearish on a daily basis, as downward pressure should be created by 100-day SMA and monthly R2 at 1,104/07. By violating this resistance gold             is going to confirm the triangle pattern , the event which will change our outlook significantly to the upside. Main support is, however, offered by 20-day SMA/monthly R1/weekly S1 at 1,088/83. Inside such a dense technical cluster around the spot a continuation of the sideways trend is more likely.

Traders' Sentiment
Advantage of long traders has been unchanged since last Thursday, as they continue holding about 55% of all open transactions in the SWFX market.
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