© Dukascopy Bank SA
– 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