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– Apeksha Nair, Reuters
Pair's Outlook
It seems that the markets have fully returned to the pre-election levels, as the yellow metal was in rebound after finding support in the 1,250 level, which is the 38.20% Fibonacci retracement of the metal's historical high and low levels. Moreover, the bullion had additional support during Friday morning, as the commodity price managed to move above the second weekly S2, which is located t 1,257.46. It is likely that the bullion will surge by the end of the day, as the 1,250 level's support has not been passed no matter how many attempts were made.
Traders' Sentiment
Traders remain slightly short, as 53% of open positions were short on Friday morning. Meanwhile, trader set up order remained bullish, as 56% of pending commands were to buy the bullion.
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