© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal moved below the 1,320 mark on Monday morning, as the metal is in its seventh consecutive session of decline. During this session, the commodity formed a downward aimed channel pattern, which indicated that the rate is set to reach at least the monthly S1 at 1,315.53 during today's trading session. Gold is most likely to rebound against this level, as it is also supported by the close by located weekly S1 at 1,310.87 and lower Bollinger band at 1,309.18. Previously, gold experienced high volatility on Friday, as Janet Yellen hinted at two possible rate hikes during 2016.
Traders' Sentiment
Traders are 54% bearish on Monday. In the meantime, pending commands are 62% to buy, which indicates at a possible upcoming surge, as the metal will find support later in the day.
© Dukascopy Bank SA