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– Mark To, Wing Fung Financial Group (based on Reuters)
Pair's Outlook
The yellow metal moved slightly to the upside on Wednesday morning, however, its gains could more be described as remaining flat. Previously, on Tuesday the bullion changed its course after falling for three consecutive trading sessions, and the metal also erased all of the Monday's losses. The commodity price is set to encounter resistance at 1,238.39, where the monthly S1 is located at. Afterwards, gold is likely to move lower. Moreover, such a hypothesis is also supported by the daily aggregate technical indicators.
Traders' Sentiment
SWFX traders have not changed their positions, as traders remain neutral bullish on the pair, namely 52% of open positions are long. Meanwhile, trader set up orders are a lot more bullish, as 64% of pending commands are to buy the metal.
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