© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal marked a consecutive week of losses, as the bullion fell below the 1,315 level on Monday morning and broke out of the triangle pattern. Previously, a surge was occurring, as the metal had found support. However, the surge was not sustained, and gold managed to only touch the 1,327.90 level. Daily aggregate technical indicators forecast, that the metal will remain unchanged during today's trading session. Such kind of scenario could unfold, if the bullion finds support in the 100-day SMA at 1,310.03 and rebounds back to the 1,318.33 level.
Traders' Sentiment
SWFX traders became bullish on the metal on Monday, as 53% of open positions were long. In the meantime, pending commands remain largely bullish, as 66% of set up orders are to buy.
© Dukascopy Bank SA