© Dukascopy Bank SA
– Australia & New Zealand Banking Group Ltd. (based on Bloomberg)
Pair's Outlook
The yellow metal continued to surge on Wednesday's morning, as it broke out of the ascending channel pattern, in which it had been trading since the start of October. The metal's movements most recently have been dictated by the US presidential election pols than rather fundamentals. As the gap between the candidates closes, financial funds flow into safe investments like gold to hedge themselves from the uncertainty and possible fluctuations. However, regarding today, traders can expect the bullion to surge up to the 1,296.73 level, where the next resistance is located at.
Traders' Sentiment
Traders are almost neutral regarding the bullion, as 52% of open positions are long on Wednesday. Meanwhile trader set up pending commands are bullish, as 61% of set up orders are to buy.
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