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– Vyanne Lai, NAB (based on Reuters)
Pair's Outlook
On Tuesday morning the bullion regained Monday's losses, as the metal traded near the 1,225 mark. Previously, the yellow metal did not drop down to the 1,200 level on Monday, as it stopped near the 1,219.50 level by the end of the day. The stop of the fall is explained by a pick-up in physical buying of gold, as lower prices attracted more market participants. Daily aggregate technical indicators forecast that the metal will remain flat by the end of the day, which might occur, as the markets search for clues regarding the commodity price in the aftermath of the recent fall.
Traders' Sentiment
Traders have not changed their opinion, as 52% of open positions remain long. Meanwhile, 60% of trader set up orders are to buy the bullion.
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