Gold rebounds against trend line

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Gold edged up on Thursday as the U.S. dollar weakened in the wake of an oil producer agreement to curb output."  
– based on Reuters 


Pair's Outlook 
The bullion bounced off the rising wedge pattern's lower trend line and surged on Thursday morning. On early morning, the metal was about to face a resistance cluster from 1,326 to 1,331, which is comprised of both the weekly and monthly pivot points and the 20 and 55-day simple moving averages. Previously, it was possible that the yellow metal will break out from the rising wedge pattern due to the pressure provided by a triangle pattern, and the threat still remains, as the triangle remains active.  

Traders' Sentiment 
Traders have become neutral on the yellow metal, as 50% of open positions were long on Thursday morning. In the meantime, pending commands were 68% to buy gold.
© Dukascopy Bank SA

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