© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal surged on Friday morning, as the commodity found support by the end of Thursday's trading session. The rebound occurred when the metal approached the first weekly support at 1,315.44. After the encounter the bullion began to recoup some of that day's losses. However, it did not manage to do that, as the day's trading session was ended with losses at 1,318.78. Although, by 5:00 GMT on Friday gold had already touched the 1,324.69 level. It is most likely that the metal will continue the surge up until the level of 1,326.43, where the monthly PP is located at.
Traders' Sentiment
SWFX traders remain neutral on the metal, as 50% of open positions are long. In the meantime, pending commands are 69% to buy the bullion, as traders remain in expectations of a surge.
© Dukascopy Bank SA