© Dukascopy Bank SA
- Mike Paulenoff, 30-plus year Wall Street veteran, MPTrader.com
Pair's Outlook
The yellow metal retreated on Tuesday morning. As it was forecasted before, the bullion did not manage to break the resistance put up by the weekly pivot point at 1,140.81 and began a retreat after a few attempts in breaking the level of significance. Due to that the metal is positioned to continue the decline, as the closest level of support is at 1,127.20, where the lower Bollinger band is located at. Moreover, afterwards the closest support is located near the 1,119, where a strong support cluster begins.
Traders' Sentiment
Traders remain largely bullish, as 61% of open positions remain long on Tuesday. Meanwhile, trader set up orders have almost become neutral, as 51% of pending commands were set up to buy the metal.
© Dukascopy Bank SA