Dukascopy

Gold is rejected by July low, awaits recovery

FX:XAUUSD   Gold/U.S. Dollar
35 0 0
"Gold prices will be determined more by trading volume , than any monetary or fundamental development over the holiday period."
- HSBC             (based on CNBC)

Pair's Outlook
The yellow metal made no confident attempts to violate the July low and 20-day SMA on Wednesday. However, eventually it managed to close under the latter line, but today we expect the bullion's bounce back. All in all, the session is highly likely to be tranquil in terms of volatility, given that trading volumes are cooling down before the Christmas break. Moreover, the sideways trend is forecasted by daily technical indicators for the moment. Thus, the key anchor for gold             remains the 20-day SMA at 1,071.

Traders' Sentiment
The total number of bullish open positions stopped tumbling on Wednesday, as the traders started focusing on the Christmas break and are getting ready for more market movers after holidays. The advantage of the bears amounts to 10% at the moment, as they are keeping 55% of all trades versus 45% for the bulls.
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