© Dukascopy Bank SA
- based on Reuters
Pair's Outlook
The yellow metal is in a similar position to yesterday, as the metal started Friday's trading session almost at the same level as at the beginning of Thursday's session. Previously, the commodity fluctuated between the resistance put up by the weekly R2 at 1,341.79 and a support level represented by the 55-day SMA at 1,333.03. As gold continued to retreat from the weekly resistance, and the simple moving average had moved lower on Friday morning, it is most likely that the yellow metal will end Friday's trading session with losses.
Traders' Sentiment
Traders have increased their bearishness, as 53% of open positions are short on Friday, compared to 52% on Thursday. In the meantime, pending commands remain bullish, as 64% of set up orders are to buy.
© Dukascopy Bank SA