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– Walker England, Forex Trading Instructor (based on Daily FX)
Pair's Outlook
The yellow metal fell on Monday, as it started day's trading session at 1,367.53 and ended Monday's trading at 1,354.86. Although, it was the fourth consecutive session, when the bullion had reached above the 1,370 level, it seems to have finally rebounded, as the metal is now trading below the weekly PP at 1,358.76. If gold moves lower, it is set to meet the weekly S1 at 1,342.44, against which it might rebound and continue its streak of gains.
Traders' Sentiment
Traders are majorly bearish on gold, as 65% of open SWFX positions on Tuesday morning are short. In the meantime, pending orders in the 100-pip range are 62% long.
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