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"Gold prices rallied on safe-haven buying on concerns of geopolitical tensions as Saudi Arabia began air strikes in Yemen."
- Australia & New Zealand Banking Group Ltd. (based on Bloomberg)
Pair's Outlook
Yesterday, the yellow metal tried to pierce through two major supply zones and register considerable daily gains. However, the bullion was stopped by these levels at 1,209 (100-day SMA) and 1,216 (weekly R2), respectively. However, it did not prevent Gold from consolidating above the Jan-Mar down-trend line and weekly R1 at 1,205 by the end of day. It is still likely to make the second attempt to develop further to the north, while in case of failure a sell-off will be almost inevitable with the short-term target at 1,190-1,195.
Traders' Sentiment
Sentiment towards the precious metal is optimistic among SWFX traders as the total share of bullish positions (66%, +2% since Thursday) has a strong advantage over the bearish ones at the moment.
© Dukascopy Bank SA