© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The yellow metal slightly surged on Friday morning, as it was in a yet another rebound from the weekly PP, which is located at 1,263.46. For the whole week the metal has been, as indicated by some analysts, hugging the 200-day SMA. However, for any financial instrument this is a normal occurrence time to time. What needs to be noted and has been noted by Dukascopy is that there are other levels of significance, which have actually locked down the bullion near the 200-day SMA, which is a part of the resistance cluster standing in the metal's way.
Traders' Sentiment
Regarding the yellow metal, traders have not changed their stance, as 56% of open positions remained long on Friday. Meanwhile, 53% of trader set up orders are to buy the bullion.
© Dukascopy Bank SA