Gold: second attempt to cross weekly PP fails

For a second day in a row on Thursday the yellow metal was unable to overcome the closest support line represented by the weekly pivot point at 1,272.92. This is going to raise doubts about the actual strength of the bearish camp. Along with positive daily and weekly technical signals, we are looking for a minor rebound on the last day of this working week, also because the weekly PP is immediately backed by the monthly pivot, which is unlikely to let the bears succeed. The 2015 high at 1,307.06 seems out of reach for the moment, and firstly gold should attack the yesterday's peak at 1,286.42.

Only three percentage points were recovered by the bullish side yesterday, when they picked up from the lowest level in more than nine weeks to reach the 32% mark, a change from 29% about 24 hours ago.