© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The situation look like the bullion stopped bouncing around the 1,340 level, and it has set a northward direction. By 5:00 GMT on Thursday morning, the yellow metal was just at 1,352.16, which is just above the first weekly resistance at 1,351.70. In addition, the metal had been more volatile to the upside, showing signs of a continuation of the surge, and the daily aggregate technical indicators forecast also a surge for the commodity during today's trading session. As gold will surge, it is set to struggle next at the 1,368.07 level, where the second weekly resistance is located at.
Traders' Sentiment
SWFX trader sentiment remains unchanged on Thursday, as 53% of open positions are still short. In the meantime, pending commands are long with 55% of total orders set to buy the metal.
© Dukascopy Bank SA