Today XAU/USD Market Update

0
267
Today XAU/USD Market Update

GOLD SENTIMENT OUTLOOK – BEARISH

The IGCS gauge shows that roughly 84% of retail traders are net-long gold. Since the majority of traders are biased higher, this suggests that prices may continue falling. Compared to a day and a week ago, traders have boosted upside exposure by 6.76% and 6.90% respectively. With that in mind, the combination of overall and recent changes in positioning offers a stronger bearish contrarian trading bias.

TECHNICAL ANALYSIS

Gold prices are testing a potential rising trendline from early August. A breakout below it could hint at extending losses since November. This is as a bearish crossover occurred between the 20- and 50-day Simple Moving Averages. On the downside, 61.8% Fibonacci retracement at 1756 is in focus, followed by the 1721 – 1729 support zone. Immediate resistance seems to be the 38.2% retracement at 1802.

LEAVE A REPLY

Please rate*
Please enter your comment!
Please enter your name here