© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal is threading higher on Tuesday morning, as by 5:00 GMT it had scored more gains than during the whole Monday's trading session. However, its surge has been hindered by the resistance put up by the weekly pivot point at 1,316.02. Daily aggregate technical indicators forecast a fall of the bullion during today's session. Although it is most likely that the metal will break through the resistance, as it would be consistent with the rising wedge pattern, in which the rate has been for more than a year.
Traders' Sentiment
Traders are neutral on the metal, as 50% of open positions are both long and short in the meantime. However, pending orders have not changed, as 68% of them are set to buy the metal.
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