© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal surged on Monday morning, as the commodity previously found support near the 1,250 level. However, during Friday's trading session the bullion fell and reached the 1,241.30 level before it rebounded. On early Monday morning the metal faced no resistance up to the level of 1,272.39, where the weekly PP is located at. Moreover, at 1,273.23 the monthly S2 is providing additional resistance. However, daily technical indicators forecast a fall of the previous metal by the end of the day.
Traders' Sentiment
Traders remain bullish on the metal, as 56% of open positions are long on Monday. In the meantime, pending commands are 60% long.
© Dukascopy Bank SA