© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal was in the process of breaking through one more resistance cluster on Thursday morning. Previously, the metal was hindered by the 200-day SMA, which gave up, as it moved higher. On Thursday the simple moving average was providing support to the bullion in its surge. However, the metal faced a resistance cluster made up from the weekly R2 1,272.71 and monthly S2 at 1,273.23. Moreover, the 20-day SMA is located at 1,277.12, and the weekly R3 is providing resistance at 1,280.49. Due to that, gold is set up to retreat.
Traders' Sentiment
SWFX traders remain bullish with 58% of total open positions being long. In the meantime 58% of set up orders are to buy the metal.
© Dukascopy Bank SA