© Dukascopy Bank SA
– Christopher Lewis, Analyst (based on FX Empire)
Pair's Outlook
The yellow metal stopped the fluctuations around the 1,340 level, in which it had been in for the past weeks, as the metal fell on Wednesday due to being pressured by the 20-day SMA from the downside. In the fall the bullion almost reached the weekly S2 at 1,322.63 and ended the session at 1,326.32. On Thursday morning gold has rebounded against the weekly support level and slightly surged, as it has encountered the 55-day SMA at 1,327.31. As the metal is pressured between the two levels, it is most likely going to remain unchanged during today's trading session.
Traders' Sentiment
Traders remain slightly bearish on the metal, as 52% of open positions are short on Thursday. However, pending commands are clearly bullish, as 63% of placed orders are to buy.
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