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– Marcy Nicholson, Reuters
Pair's Outlook
The yellow metal surged on Thursday, as the bullion found support on Wednesday and continued the surge during the early hours of Thursday's trading session. The rebound occurred against the 20-day SMA at 1,216.26, and the bullion managed to reach above the 1,235 level during today's trading. However, this might be the end of the surge, as the commodity price faces the combined resistance of the monthly R1 at 1,237.68 and the upper trend line of the long term descending channel pattern at 1,238.67.
Traders' Sentiment
SWFX traders remain long on the bullion, as 54% of trader open positions are long on Thursday. Meanwhile, 60% of trader set up orders are to buy the bullion.
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