© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The yellow metal approached the resistance cluster made up of the weekly and monthly pivot points respectively at 1,340.78 and 1,345.31, as the metal's price was at 1,338.90 by 5:30 GMT. Gold will be pushed onto the resistance levels by the 20-day SMA, which was at 1,338.34 by 5:30 GMT and was set to move upwards together with the commodity. In the meantime, daily aggregate technical indicators forecast a surge for the metal during Monday's trading session. In addition, the newly calculated weekly aggregate indicators also forecast a surge for gold during this week.
Traders' Sentiment
SWFX trader sentiment remained unchanged for the third consecutive trading session on Monday, as 52% of open positions were short. In the meantime, pending orders were 51% long.
© Dukascopy Bank SA