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– Daniel Hynes, ANZ (based on Reuters)
Pair's Outlook
The yellow metal surged on Monday morning, as it managed to surge past the newly calculated pivot point and gain 1% during the move. However, as it approached the 1,200 mark it was most likely that the bullion was set to bounce off the resistance level and continue its downward path. In addition, the metal remained in the medium term descending channel patter during the recent move. Moreover, daily aggregate technical indicators forecast a fall for gold by the end of the day.
Traders' Sentiment
SWFX traders have not changed their combined opinion regarding the yellow metal, as, just as on Friday, 58% of open trader positions were long on Monday morning. However, trader set up orders had become more bullish on Monday, as 59% of pending commands were to but, compared to 53% on Friday morning.
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