© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal battled resistance on Wednesday morning, as it faced the first weekly resistance level at 1,261.62. Previously, the bullion surged from the weekly PP at 1,253.84 to the 200-day SMA at 1,265.36. However, afterwards the commodity price moved lower to end the day's trading session just below the before mentioned first weekly resistance level. Although, on early Wednesday morning, the metal attempted to break through the SMA once more, it failed in breaking past it. Nevertheless, it is most likely that gold will surge in the medium term, as the SMA moved northwards.
Traders' Sentiment
Traders remain bullish on the metal, as 56% of open positions are long. In the meantime, 63% of pending commands are set up to buy the bullion.
© Dukascopy Bank SA