‘Spot gold gave back Friday’s gains as the dollar bounced and slipped 0.35 percent to $1,262.90 an ounce.’ – Shinichi Saoshiro (based on Reuters)
Pair’s Outlook
Gold continued the indecisiveness on the daily chart maintaining the overall ranging motion by slipping from the top it had managed to post on Friday. A strong red candle showed daily risks being skewed to the downside, setting eye on 1,260.48, the weekly S1. The amplitude of the dip might be a certain display of today’s trading range, as no levels in between are likely to mess with the motion. Upside potential is likely to be cut around 1,269.43/77 where a cluster of resistances are to provide supply in case XAU/USD takes a different path over the day.
Traders’ Sentiment
SWFX market sentiment remains bearish, as 53% of open positions are short. However, 63% of pending commands are to buy the bullion.
