Dukascopy

Gold headed towards February high

FX:XAUUSD   Gold/U.S. Dollar
103 0 2
"Gold's rally since the start of the year, which returned as much as 19 percent at its peak, may be petering out now."
- Sejul Gokal, Bloomberg

Pair's Outlook
The commodity keeps appreciating after establishing a strong base at 1,210 dollars (up-trend and monthly R3). The objective is now 1,264, namely this month's current maximum. In case the bulls remain in control of the market after probing this resistance, the next objective could be already as high as 1,307, which is the highest level seen last year. The majority of the technical indicators, however, is against a prolonged recovery—four out of eight are giving ‘sell' signals, while only one is bullish and the rest are neutral.

Traders' Sentiment
In the meantime, the extent, to which the precious metal is oversold in the SWFX market, is only increasing. The percentage of short positions has grown from 71 to 74% during the last 24 hours.
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