© Dukascopy Bank SA
– based on usagold.com
Pair's Outlook
The yellow metal initially moved downwards on Tuesday morning. However, after falling down to the level of 1,338.08 the metal rebounded and closed the day right at the first weekly resistance at 1,354.84. At the start of Wednesday's trading gold opened just above the weekly R1, and it surged by reaching the weekly R2 at 1,369.17 by 5:30 GMT. At the moment, the bullion is struggling with the resistance. In addition, daily aggregate technical indicators forecast a surge for the metal today.
Traders' Sentiment
SWFX traders during the night have not changed their sentiment regarding the yellow metal, as traders are still bearish with 58% of open positions being short. In the meantime, pending orders in the 100-pip range have slightly moved to the bearish side, as 64% of open positions are long on Wednesday, compared to 66% on Tuesday.
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