© Dukascopy Bank SA
– based on Bloomberg
Pair's Outlook
Gold opened bearish on Thursday after yet another confirmation of the 1307.85 support level some days ago. Currently testing the 1333.00 mark, where the 55-day SMA lies, the metal could escape the falling bias at 1326.43/1325.18, the monthly Pivot Point, weekly R1 and 20-day SMA cluster and set the annual channel bottom trend-line at 1321.72 as its next target. A bounce form 1333.00 would, however, put the weekly R2 at 1341.79 in perspective, painting the technical picture bullish in general with a move in line with the senior channel pattern.
Traders' Sentiment
Traders are bearish on the pair with 52% of short positions However, pending commands remain largely bullish, as 66% of set up orders are to buy the metal.
© Dukascopy Bank SA