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– Apeksha Nair, Reuters
Pair's Outlook
The yellow metal was in a rebound on Tuesday morning, as the bullion found support in a strong cluster near the 1,280 level. The cluster is made up of the 20 and 200-day SMAs, monthly pivot point, weekly S1 and the lower trend line of the previous ascending channel pattern. On early Tuesday morning the metal faced no resistance up to the level of 1,294.23, where the weekly PP is located at, which means that a surge up to this level is likely. The surge will occur, if no fundamental or political news suddenly shock the market.
Traders' Sentiment
Trader are almost neutral, as 51% of open positions are short on Tuesday morning. Meanwhile, 57% of trader set up orders are to by the metal.
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