© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal had once more rebounded against the 1,250 support level on Monday morning, as the metal had fallen to the support level once more, erasing all of the previous week's minor gains. However, with the start of a new week, the metal seems to be set to trade in a narrow range during this week, as the newly formed levels of significance are located close by one to another. Moreover, weekly aggregate technical indicators forecast no change in the price of the commodity by the end of the week.
Traders' Sentiment
Traders remained bullish on gold on Monday, as 58% of open positions were long. In the meantime, pending commands were unchanged, as 61% of set up orders were to buy.
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