© Dukascopy Bank SA
– based on investing.com
Pair's Outlook
The yellow metal continued to fall on Tuesday morning, as it went into the seventh consecutive session of losses. However, during the day's session the metal met with a strong support level, as just below the bullion is a line of support, which is formed by connecting the September and August low levels. Moreover, the support is also strengthened by the 100-period SMA at 1,310.31. Although, daily aggregate technical indicators forecast a continuation of the fall, and in such scenario the metal would likely fall to at least the 1,304.78 level, where the first weekly support is located at.
Traders' Sentiment
Traders slightly increased their bullish sentiment, as 54% of open positions are long on Tuesday, compared to previous 53%. In the meantime, pending commands remain bullish, as 65% of set up orders are to buy the metal.
© Dukascopy Bank SA