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Pair's Outlook
The yellow metal continues to surge on Wednesday, as the commodity broke the resistance put up by the monthly R1 at 1,348. 50 on early morning. Previously, the metal surged from 1,325.65 at the start of Tuesday's trading session to 1,348.50 by the end of day's trading. During the surge various resistance levels where broken, including the recent, short term channel upward trend, which is no longer in place. During the rest of Wednesday the yellow metal is most likely to continue the surge, as it faces next the upper Bollinger band at 1,358.51.
Traders' Sentiment
SWFX traders remain bearish on the metal, as 56% of open positions are short on Wednesday. In the meantime, pending commands are 66% to buy, which indicates at a continuation of the surge.
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