© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
Gold traded just above the support cluster above 1,335 level on Friday morning due to a failure to break through a resistance cluster on Thursday. The yellow metal did not manage to break the resistance cluster comprised of the weekly R2 at 1,346.69 and monthly R1 at 1,348.50. On Friday morning the metal found support in the weekly R1 and 55-day SMA respectively at 1,335.65 and 1.336.20, which indicates that there might be another try to break the previously mentioned resistance cluster.
Traders' Sentiment
SWFX traders remain bearish on the commodity, as 57% of open positions are short. However, there is still an expectation of a surge, as 72% of pending commands are to buy the yellow metal.
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