© Dukascopy Bank SA
- Market Pulse (based on investing.com)
Pair's Outlook
The yellow metal broke through the resistance put up by the weekly PP at 1,214.32 on Tuesday morning. Previously, on Monday and Friday the metal was positioned to fall and find support in the 1,200 level, around which a cluster of levels of significance is located at. However, the bullion rebounded already at the 1,202.83 level. From a technical perspective gold is set now to surge up to the level of 1,225.74, where the weekly R1 is located at. However, daily aggregate technical indicators forecast a red candle by the end of the day.
Traders' Sentiment
Traders have slightly increased their bullish outlook, as 55% of open positions were long on Tuesday morning, compared to 54% previously. Meanwhile, pending commands remain bullish, as 59% of trader set up orders are to buy.
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