02.01.2017

Technical analysis : Bullion supply and demand in balance

by Dukascopy

Pair's Outlook
There was no trading of Gold Monday morning, which led to a lack of motion in the XAU/USD price. As for future movements, the pair has dashed through the 20-day SMA, but losses are likely to be cut at 1,138.98, the lower trend-line. We will look for the channel to remain in force until the upper trend-line of the senior bearish channel is reached, and it could take around at least three weeks to do that. The current downward motion could experience some hitches at 1,148.39, the weekly Pivot Point before the ultimate daily target is addressed. 

Traders' Sentiment 
Traders remain long on the bullion, as 58% of open positions are bullish. In the meantime, trader set up buy orders have decreased from 70% to 67%.

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