Note: This section contains information in English only."Gold price bounced off the 61.8% Fibonacci retracement and is back testing the broken triangle area at $1,340-50."
- Alexandros Yfantis, portfolio manager and trader (based on investing.com)
Pair's Outlook
[ANNOUNCE]The yellow metal is in its fourth consecutive session of losses, as it continues to bounce around the 1,340 level.[/ANNOUNCE] The metal is forced to move downwards due to the fact that the 20-day SMA at 1,339.79 is pressuring it to move lower. However, it can only continue up to the moment, when the bullion reaches the support level below at 1,331.76, which is represented by the weekly S1. In the previous two sessions, the metal bounced between the newly formed weekly S1 and a compound resistance made up of the weekly and monthly pivot points near the 1,345 level.
Traders' Sentiment
Traders continue to be bearish on the yellow metal, as 53% of open positions are short on Wednesday. In the meantime, pending commands are 57% long.
Wed, 24 Aug 2016 06:46:54 GMT
Source: Dukascopy Bank SA
- Alexandros Yfantis, portfolio manager and trader (based on investing.com)
Pair's Outlook
[ANNOUNCE]The yellow metal is in its fourth consecutive session of losses, as it continues to bounce around the 1,340 level.[/ANNOUNCE] The metal is forced to move downwards due to the fact that the 20-day SMA at 1,339.79 is pressuring it to move lower. However, it can only continue up to the moment, when the bullion reaches the support level below at 1,331.76, which is represented by the weekly S1. In the previous two sessions, the metal bounced between the newly formed weekly S1 and a compound resistance made up of the weekly and monthly pivot points near the 1,345 level.
Traders' Sentiment
Traders continue to be bearish on the yellow metal, as 53% of open positions are short on Wednesday. In the meantime, pending commands are 57% long.