© Dukascopy Bank SA
– David Chapman, financial industry veteran, (based on investing.com)
Pair's Outlook
The yellow metal is moving lower on Friday morning, as it opened Friday's trading session at 1,314.61 and started moving lower after a slight bounced above the 1,315 level. Previously, on Thursday the metal began to surge midday and ended the day's trading session above the first weekly support level of 1,310.87, which had provided resistance to the bullion. At the moment, gold faces no real resistance up to the level of 1,326.43, where the monthly PP is located at. Due to that it is possible that the metal will move to the weekly S1 and rebound against it.
Traders' Sentiment
Traders are short on the metal, as 52% of open positions are bearish on Friday. In the meantime, pending commands are 62% to buy the metal.
© Dukascopy Bank SA