© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal opened Tuesday's trading session higher than the previous Monday's close, as the metal traded above the 1,320 level on Tuesday morning. It is most likely that the bullion will surge at least to the level of 1,327.75, where the weekly PP is located at. However, gold will probably bounce off the resistance and move lower, as the weekly PP is also supported by the 20 and 55-day SMAs respectively at 1,333.08 and 1,329.49. Due to that, on a daily timeframe the yellow metal's price will remain unchanged.
Traders' Sentiment
SWFX trader sentiment remains unchanged on Tuesday, as 54% of open positions are short. In the meantime, 61% of open commands are to buy the yellow metal.
© Dukascopy Bank SA