© Dukascopy Bank SA
– James Stanley, Currency Analyst, (based on Daily FX)
Pair's Outlook
The yellow metal tested the resistance of the monthly PP at 1,326.43 once more on Thursday morning. However, the bullion did not manage to break the resistance, as on Thursday morning it was even stronger than on Wednesday, as the 20-day SMA at 1,327.91 strengthened the pivot point. The almost unchanged market sentiment and daily aggregate technical indicators forecast that the metal will continue to fluctuate around the 1,320 level during the day, and the price will remain unchanged by the end of today's trading session.
Traders' Sentiment
Traders remain almost neutral on the metal, as 52% of open positions are short on Thursday. In the meantime, pending commands remain largely bullish, as 70% of set up orders are to buy the metal.
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