© Dukascopy Bank SA
- based on usagold.com
Pair's Outlook
The bullion stopped its four consecutive trading session surge on Tuesday, as the metal dropped from the previous day closing height of 1,350.80 on Monday. At the moment, gold is trading at 1,342 by 5:45 GMT. The main reason for such drop is that amidst yesterday's trading sessions volatility the yellow metal touched the resistance put up by the weekly R1 at 1,354.84. If the metal continues its downward movement, it is likely to move lower to the weekly pivot point at 1,330.15. However, daily aggregate technical indicators forecast a surge for the bullion today.
Traders' Sentiment
SWFX traders are still bearish on the metal, as 58% of open positions are short, which is by one percent more than yesterday. In the meantime, pending orders in the 100-pip range are 66% long.
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