© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
On Wednesday morning the yellow metal had once more found support in the psychological level of 1,250 and rebounded. Previously, by the end of Tuesday's trading session the bullion had failed to break through the resistance put up by the 200-day SMA, which not is located at 1,262.22. Afterwards, the commodity fell and ended the day's trading session almost exactly at the 1,250 mark. As the rebound is in motion, it is most likely that the Wednesday's trading session will end higher, as one more attempt at the SMA is in the making.
Traders' Sentiment
Traders continued to slowly increase their long positions, as on Wednesday 57% of open positions were bullish. In the meantime, set up orders are 60% to by the metal.
© Dukascopy Bank SA