© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The yellow metal is no longer bouncing around the level of 1,320, as the metal retreated below the weekly S1 at 1,315.33. The fall occurred during Thursday's trading session, when the bullion ended the day's trading session at 1,313.10. In addition, the commodity touched the rising wedge pattern's support line, which on Friday is located at 1,312.94. On early Friday morning, gold was squeezed in tightly between the weekly S1 and the trend line. The price is most likely to stay at this level.
Traders' Sentiment
SWFX traders are almost neutral, as 51% of open positions are short. In the meantime, pending commands are 65% to buy, as traders are still expecting a surge.
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