Dukascopy_Analyst

Gold rallies above 1,075 post-Fed

FX:XAUUSD   Gold Spot / U.S. Dollar
35 0 1
"Certainly $1,000 will be tested but we're not necessarily thinking that it's going to collapse."
- BMI Research, a unit of Fitch Group (based on Bloomberg)

Pair's Outlook
Gold             was fully unchanged in value yesterday, with both bulls and bears failing to establish a lead after minutes of the latest FOMC meeting. Today we see the Dollar weakening and this situation is benefiting the precious metal. Still, bulls are far away from putting gold             on a stable path of recovery. Only a climb above 1,100 is going to refocus attention back on the northern side. Short traders, however, are getting ready to push XAU/USD             below the July low at 1,070 and we expect this happening in the nearest future. Success here would allow for losses down to 2010 low at 1,044.

Traders' Sentiment
Market sentiment with respect to gold             remains strongly positive for the moment, being that 71% of SWFX traders are holding long positions, down from 72% yesterday.
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