© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The yellow metal is located between two weekly support levels at 1,310.87 and 1,301.13 without clear direction on Thursday morning. Previously, on Wednesday the metal fluctuated around the first weekly support level at 1,310.87 and ended the day's trading session at 1,307.70. On Thursday morning the bullion had slightly surged, as it continued a rebound from the support cluster located below, which occurred on Wednesday. However, the metal is most likely to bounce off the weekly S1 at 1,310.87 and continue its downward movement in accordance with the channel down pattern, in which it has been for the past nine sessions.
Traders' Sentiment
Traders are neutral bearish on the metal, as 51% of open positions are short. In the meantime, pending commands are 61% to buy.
© Dukascopy Bank SA