© Dukascopy Bank SA
– based on Daily FX
Pair's Outlook
The yellow metal saw some volatility on Friday, however, it did not change much during Friday's trading session, as the metal started day's trading at 1,336.50 and ended it at 1,335.12. With the start of the new week the bullion is losing value, as it started Monday's trading at 1,333.04 and fell to 1,328.22 by 5:15 GMT. If the metal continues to fall, it is set to meet the first weekly support at 1,312.88, and below this support there are no other major support line until the monthly PP at 1,295.11. However, daily aggregate technical indicators forecast a surge for gold today.
Traders' Sentiment
SWFX traders continue their bearish sentiment on Monday, as 55% of open gold positions are short. In the meantime, pending orders in the 100-pip range are 68% long, which indicates at a possible upcoming surge.
© Dukascopy Bank SA