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– Jamie Saettele (based on Daily FX)
Pair's Outlook
The yellow metal started to surge on Tuesday, and it continued the movement on Wednesday, as by 5:00 GMT the metal had passed resistance put up by both the monthly and the weekly pivot points at 1,345.31 and 1,345.68. As the daily aggregate technical indicators forecast a surge for the commodity during the rest of the session, it is most likely that the will not struggle much with the weekly R1 at 1,356.64. Further above that is located the upper Bollinger band at 1,367.57, which most likely will bend, as gold gains value.
Traders' Sentiment
Traders remain bearish on the metal, as 52% of open positions were short on Wednesday. However, pending commands remained 55% long, as they were on Tuesday.
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