© Dukascopy Bank SA
– Helen Lau, Argonaut Securities (based on Reuters)
Pair's Outlook
The yellow metal's price jumped on Thursday morning and reached once more the second weekly resistance at 1,150.18. However, the metal did not manage to break through the resistance, which on Thursday was strengthened by the 20-day SMA at 1,151.45. In the meantime, daily aggregate technical indicators forecast a fall of the metal by the end of the day, which might occur, as markets still predict that the US Dollar will appreciate even more.
Traders' Sentiment
In the meantime, SWFX traders remain optimistic regarding the yellow metal's price, as 59% of open positions were long on Thursday morning. In addition, 61% of trader pending commands were set up to buy the bullion.
© Dukascopy Bank SA