© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The yellow metal was stuck around the level of 1,320 for the past sessions, and it seemed that it will not gain a new direction for some time. However, during Wednesday's trading session the metal surged from 1,319.22 at the start of the session to 1,338.82 at the end of day's trading. During this climb the commodity moved past three resistance levels, as the weekly PP was broken at 1,323.60. Afterwards, the price passed the 20-day SMA at 1,325.56 and weekly R1 at 1,336.44. At the start of Thursday's trading session the metal remains flat at 1,338.75.
Traders' Sentiment
SWFX trader sentiment remains unchanged on Thursday, as 51% of open positions remain long. In the meantime, pending orders in the 100-pip range are 63% long.
© Dukascopy Bank SA