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– based on Mayzus Investment Company Ltd.
Pair's Outlook
The yellow metal fell during this week, as it declined from Monday's height of 1,367.64 and touched the support at 1,319.10 on Thursday. However, the bullion ended Thursday's trading at 1,334.77. At the moment, the metal continues to decline, as by 5:30 GMT it was trading at 1,333.20. On its way down, the commodity will again struggle with support provided first by the 20-day SMA and afterwards the weekly S2 at 1,319.10. Meanwhile, daily aggregate technical indicators forecast a surge for gold today.
Traders' Sentiment
Traders remain bearish on the pair, as 44% of open positions are short. However, pending orders in the 100-pip range are long, as 73% of them are buy orders.
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