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Pair's Outlook
The yellow metal continues to struggle with the monthly PP at 1,326.43 for the third consecutive session on Tuesday, as the commodity price keep reaching above it and retreating afterwards. However, the rate already managed to have a close above the resistance on Monday, as the session ended at 1,326.83, and a surge would be consistent with the channel upward pattern, which the metal has formed in the past four trading sessions. Although, daily aggregate technical indicators do not support a surge of the bullion during today's session.
Traders' Sentiment
Traders remain slightly bearish regarding gold, as 53% of open positions are short on Tuesday morning. In the meantime, pending commands are 64% to buy, which means that the surge is likely to continue.
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