– Mark To, Wing Fung Financial Group (based on Reuters)
Pair's Outlook
The yellow metal's price has reached the second weekly support, which is located at the 1,263.56 level. If the bullion passes the support level, the commodity price is most likely going to retreat down to the combined support of the 200-day SMA at 1,263.35 and the weekly S3 at 1,252.84 level. On the other hand a rebound might occur. In the case of a rebound the bullion's price is most likely going to surge up to the 20-day SMA, which is located at the 1,269.90 level, and afterwards the weekly S1 at 1,274.27 would be the next target.
Traders' Sentiment
Trader open positions are 55% bearish. However, 60% of trader set up orders are to buy the metal.
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