© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The yellow metal changed direction on early Friday morning, as it found support in the second weekly support level at 1,322.62, and the metal is most likely to surge to the 55-day SMA at 1,328.15. Previously gold fluctuated around these two levels, as the commodity finds support in the weekly S2 and in the meantime is not capable of breaking the 55-day SMA. The bullion got squeezed in between these two levels on Wednesday, as the metal fell to the weekly S2. However, daily aggregate technical indicators forecast a downfall for the bullion during today's trading session.
Traders' Sentiment
Traders are neutral bearish on the pair, as 51% of open positions are short. In the meantime, pending commands are 60% long on Friday.
© Dukascopy Bank SA