Gold remains supported by weekly S1

On Tuesday, the price of Gold was very volatile. During some points of time the bullion managed to climb even above the weekly pivot point, which is located at $1,215. However, fundamental factors pushed it back to trade lower, which resulted in the closure just above the weekly S1 at $1,197. As daily technical studies support the sideways movement, we would suggest Gold to hover around $1,200 in the nearest future. 

The gap between long and short positions for Gold on the SWFX market was just little changed in course of last 24 hours, as the bulls are still holding the confident majority of all trades, namely 74% of them.