- MKS Group (based on CNBC)
The yellow metal saw completely no movement in either direction on Tuesday of this week, given that traders took a pause in the run up to New Year holidays. Despite that, the of trading increased on Monday and Tuesday towards daily averages. XAU/USD keeps hovering below 20-day and weekly PP for the moment, meaning the weekly S1 is at risk of being breached in the short-term. If a break-out below 1,065 takes place, then the attention will shift to the next demand at 1,055 (weekly S2).
We are observing little changes in terms of the SWFX market sentiment towards gold . Traders decided to keep their open positions unchanged from yesterday, meaning the bulls are still holding 54% of all trades versus 46% for the bears.