Gold trades below weekly PP

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"In my view, the case for an increase in the federal funds rate has clearly strengthened since our previous meeting earlier this month." 
- Jerome H. Powell, FOMC 


Pair's Outlook 
On Wednesday morning the yellow metal traded below the weekly pivot point, which is located at 1,191.86. The bullion began the day by continuing an attempt to break through the resistance put up by the weekly PP. However, it seems highly unlikely that it will manage to score notable gains during today's session, as the general downward trend still persists. It is most likely that the bullion will remain flat by the end of the day, as it is being squeezed in by trend lines from both sides. Such a hypothesis is also confirmed by the calculated daily aggregate technical indicators. 

Traders' Sentiment 
Traders mark their fourth consecutive session without changes in their sentiment regarding the bullion, as 58% of open positions remain long. Meanwhile, 60% trader set up orders are to buy the metal.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.