Gold Analysis: Again faces tough 1,169.10

Dukascopy Bank Team Dukascopy Bank SA

"Spot gold was set for a weekly decline of about 0.8 percent, pressured by the stronger U.S. dollar and expectations that the Fed will raise interest rates next week."

- Lisa Twaronite & Wayne Cole (Based on Reuters)

Pair's Outlook
Gold opened Friday's session facing the established level of significance at 1,169.10 which leaves little to the broken upper trend-line of the monthly channel. XAU/USD has not been able to step under the area for the seventh consecutive session and will require some decent supply pressures in order to close beneath. This would lead to the next floor at 1,166.24, corresponding to the upper boundary of the broken channel, which would be a reasonable downside range for Friday. Gains are likely to be cut by 1,178.21, the weekly Pivot Point.
Traders' Sentiment
Positive sentiment shows that Gold is bought in 60% of all cases for the sixth consecutive session, while pending orders are pointing out an immense shift in bearish sentiment to dive from 68% on Thursday to 59% Friday morning.

Interested in Gold technicals? Check out the key levels

1. R3 1186.60
2. R2 1182.64
3. R1 1176.62
PP 1172.66
1. S1 1166.64
2. S2 1162.68
3. S3 1156.66

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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