© Dukascopy Bank SA
– Edward Meir, INTL FCStone (based on Reuters)
Pair's Outlook
The yellow metal traded near the weekly S1, which is located at 1,197.37. As forecasted, the bullion fell to the level during Wednesday's trading session. However, it also managed to pass it and touch the 1,193.44 mark during the session. On Thursday morning it is clear that the metal is most likely to continue its fall up to the 1,191.40 level, where the 20-day SMA is located at. If that support level is passed, the bullion might fall as low as the 1,185 mark, where a cluster of support begins. However, it is also possible that the metal rebounds and heads higher. Due to that traders are advised to observe and wait for the start of the move.
Traders' Sentiment
Traders have not changed their opinion regarding the yellow metal at all. 51% of open positions remain long, and 57% of set up orders are to buy.
© Dukascopy Bank SA