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– Zachary Storella, CountingPips (based on investing.com)
Pair's Outlook
The yellow metal remained flat at the weekly PP, which is located at 1,191.86, on Tuesday morning. Previously, on Monday the commodity price surged from 1,182.80 to 1,193.29 by the end of the session, as it was forecasted before. It is most likely that the bullion will remain squeezed in between the weekly PP and the resistance cluster above it at 1,200 until the upper trend line of the descending channel forces it lower. Meanwhile, daily aggregate technical indicators support the hypothesis of a fall.
Traders' Sentiment
SWFX market sentiment remained unchanged for the third consecutive session on Tuesday, as 58% of open positions were long. Meanwhile, pending commands were bullish, as 58% of trader set up orders were to buy.
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