Dukascopy

Gold sees upside pressure, set to retest 1,200

FX:XAUUSD   Gold / U.S. Dollar
49 0 0
"While it's quite clear that one of the drivers here is a weaker U.S. dollar, it does appear that risk appetites are diminishing and that of course means more demand for gold             ."
- CMC             Markets (based on CNBC)

Pair's Outlook
Stress across global equity markets is skewing gold's risks to the upside. Yesterday the August 2015 high/monthly R2 at 1,170/68 defended intraday bearish attacks, which resulted in a resumption of the up move. Prices touched the 1,200 mark, but ultimately bounced back to close below the October 2015 high at 1,188. In fact, bullish success above 1,193 (weekly R1) will imply a climb up to the last monthly supply at 1,209 and weekly R2 at 1,213. Given instability of fundamentals, in a nutshell we would not estimate the rally is over.

Traders' Sentiment
Yesterday the long share retreated to 43% from 50%, falling into minority for the first time in three months and reaching the lowest level in more than a year.
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