© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The yellow metal slightly lost value during Monday's session, as it moved from 1,332.58 at the start of the trading session to 1,327.72 at the end of the day. However, on Tuesday morning the metal has stopped moving lower, as it met the 20-day SMA, which is located at 1,326.77. Since it is a possible rebound, and the daily aggregate technical indicators forecast a surge for the commodity during today's session, it is likely that gold will move to the weekly PP at 1,343.95. Although, a fall is also possible, in which case the commodity would fall to the weekly S1 at 1,312.88.
Traders' Sentiment
SWFX traders are almost neutral on gold, as 51% of open positions are short. However, pending orders in the 100-pip range are 70% long. Combining these number, it is possible to conclude that a surge is incoming.
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