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– Steward Thomson (based on investing.com)
Pair's Outlook
After falling on Tuesday, the yellow metal rebounded on Wednesday, as, after reaching the weekly low level of 1,331.66, the metal surged to 1,342.44, where it met with resistance put up by the weekly S1 exactly at that point. On Thursday morning, the commodity has bounced off the weekly S1, and it has dropped to 1,337.20 level by 5:00 GMT. From the lower side, the metal faces the 20-day SMA at 1,325.53 and the weekly S2 at 1,319.10. In the meantime, daily aggregate technical indicators forecast a surge for gold today.
Traders' Sentiment
SWFX traders are still short on the yellow metal, as 58% of open positions are bearish. In the meantime, pending orders in the 100-pip range are 68% long.
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