Dukascopy

Gold's bulls are penetrating two-month downtrend

FX:XAUUSD   Gold/U.S. Dollar
165 0 2
"The Middle East tensions will continue to support gold             for the time being."
- a trader in Hong Kong (based on CNBC)

Pair's Outlook
Risk-averse sentiment among market participants made the precious metal increasingly buoyant on Monday. After piercing through the Nov-Dec downtrend line, gold             approached a vital resistance in face of the weekly R2, monthly R1, upper Bollinger band and 55-day SMA at 1,084. However, the daily close was fixed around 1,075 and below the two-month trend-line. However, Tuesday morning             we are seeing extra bullish momentum , which is pushing the bullion higher. Any consolidation above 1,075 will expose the 1,084 supply zone. Moreover, the bulls are getting additional support from monthly/weekly PPs at 1,065.

Traders' Sentiment
Yesterday the portion of SWFX bullish positions deteriorated back to 54%, down from 56% where the share of the longs stood since Thursday of the previous week.
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