© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
On early Monday morning the yellow metal found support in the monthly PP at 1,326.43 and had moved slightly higher. However, the bullion is being pressured from the upside by the 20-day SMA at 1,330.82. Moreover, just above the metal are located the newly formed weekly PP at 1,333.94 and the 55-day SMA at 1,336.05. Due to being squeezed between support and resistance it is most likely that the yellow metal's price will remain flat during the rest of the day. No changes in the metal's price are also forecasted by the daily aggregate technical indicators.
Traders' Sentiment
SWFX traders remain bearish, as 54% of open positions are short on Monday. In the meantime, pending commands are still largely bullish, as 68% of set up orders are to buy.
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