© Dukascopy Bank SA
– Trader Moe (based on investing.com)
Pair's Outlook
The yellow metal did not move in a certain direction on Monday, as the metal slightly moved lower to 1,333.93 at the end of the day's trading session. On Tuesday morning, the commodity opened day's trading higher than the previous close, as it started trading at 1,335.70. However, by 5:30 GMT gold had moved lower to 1,333.80 level, as the metal tried to break through resistance put up by the 20-day SMA at 1,337.37 and failed at it. If the metal continues to fall, there are no support levels, which could stop it, until the level of 1,324.16.
Traders' Sentiment
Trader sentiment regarding gold remained unchanged on Tuesday morning, compared to Monday, as 51% of open positions were short both sessions. In the meantime, pending commands became more bullish, as 55% of orders were long, compared to 53% on Monday.
© Dukascopy Bank SA