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– Ciovacco Capital Management (based on investing.com)
Pair's Outlook
The yellow metal has been trading almost flat for the past three consecutive trading sessions, as it has stuck around the level of 1,330. At the moment, the metal was trading at 1,331.44 by 5:00 GMT on Wednesday. The situation started three session previously, when the bullion slightly lost value and reached the support provided by the 20-day SMA at 1,326.52. As the commodity keep fluctuating around the same level, the 20-day SMA is closing in on it even more, as on Wednesday the SMA is at 1,327.30.
Traders' Sentiment
SWFX trader sentiment remains unchanged on Wednesday, as 51% of open positions remain short. In the meantime, pending orders in the 100-pip range are 63% long.
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