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– Mark To, Wing Fung Financial Group (based on Reuters)
Pair's Outlook
As our team has been forecasting for the whole past week, the yellow metal reached the 1,200 mark. Although, the fall was expected to occur earlier than Wednesday. During Wednesday's session the bullion fell by 2.09% and even moved below two additional support levels at 1,195.64 and 1,184.22. It seems that the metal will continue to fall during Thursday's session, as the metal already reached below the weekly S2 at 1,184.22 more than once, and the next support level is located at 1,165.54, where the weekly S3 is located at.
Traders' Sentiment
SWFX market participants were bullish on the bullion, as 57% of open positions were long. Meanwhile, bullish trader set up pending commands have decreased. 53% of set up orders were to buy, compared to 57% on Wednesday.
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