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- Ranjeetha Pakiam (Based on Bloomberg)
Pair's Outlook
Gold continued its way outside of the channel it previously respected and distanced itself from the senior downtrend as well. Resistance is now set at 1,167.76, the weekly Pivot Point and the floor is now the broken trend-line at 1,154.13. More notable support lies at 1,147.45, where the weekly S1 and bottom Bollinger Band clusters, but we would not look for tests of this level today. The broken pattern should imply an extensive surge with gains likely cut at the immediate resistance. With various time-frame SMAs putting pressures from above, however, the soar would require some decent demand.
Traders' Sentiment
Traders reminded optimistic on the bullion showing a 62% long position proportion, same as the two previous sessions, while long pending orders dived 5% and resulted in a 63% reading.
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