– Wang Tao, Reuters
Pair's Outlook
Due to US Dollar weakness caused by comments made by Donald Trump on Wednesday the yellow metals price jumped and reached above the 1,285 level. There it remained on Thursday morning. The bullion is most likely going to continue the surge and test the resistance levels near the 1,300 mark, as it faces no resistance up to the 1,297.58 mark, where the weekly R3 is located at. Meanwhile, the rate is supported by the weekly R2, which is located at the 1,284.58 level. However, it is unlikely that the 1,300 mark will be passed, as a strong cluster of resistance surrounds it.
Traders' Sentiment
Traders remain bearish, as 53% of open positions are short. Meanwhile, 59% of pending commands are to buy the metal.
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