© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal threaded lower on Friday morning, as it was in the continuation of the bounce off from a resistance, which occurred in the second half of Thursday's trading session. Previously, as forecasted, the bullion moved up to the 200-day SMA and bounced off it due to the resistance it has been providing in the past five trading sessions. Afterwards, the metal moved lower and it continues the move on Friday. However, it seems that a new support level has shown itself, which is propping the metal higher and higher.
Traders' Sentiment
Trader open positions and set up orders remain unchanged on Friday. Open positions are 57% long, and set up orders are 61% to buy.
© Dukascopy Bank SA