© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
The yellow metal is slightly recovering on Wednesday, as it plunged and reached below the 1,310 level on Tuesday. However, the combined support provided by the weekly S1 at 1,310.87 and the lower Bollinger band at 1,306.82 somehow managed to slow down the fall of the commodity price. On Wednesday morning the rate started the session at 1,311, which is above the weekly S1 and just below the monthly S1 at 1,315.53, and the rate had been bouncing between the two of them the whole morning. Due to that and other technical factors, the bullion will continue to trade almost flat for the rest of the day.
Traders' Sentiment
Traders have become almost neutral on the metal on Wednesday, as pending commands are 52% to buy, and SWFX trader open positions are 52% short.
© Dukascopy Bank SA