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– Bloomberg
Pair's Outlook
Gold respected the upper bound of the month-long hourly channel with a red candle, after it opened above the short-term channel trend-line at 1,181.73. The XAU/USD exchange rate could be attempting to re-enter the broken channel to test the latest resistance at 1,170.54. While bearish momentum prevails, we look for the losses to be ultimately cut at 1,158.87 where the four-month trend-line turned channel is bound to take over the trend and could send the pair skyrocketing towards the upper trend-line of the senior channel.
Traders' Sentiment
Traders are bullish on the commodity with 60% of open positions being long. Pending orders, however, entered deeper negative territory with 66% of SELL commands.
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