Gold struggles on Tuesday

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The U.S. Labor Day holiday kept volumes subdued on Monday, but new U.S. data releases and any speeches from Fed officials will be watched closely for clues to the timing of any rate moves." - base don Reuters

Pair's Outlook

The yellow metal continues to struggle with the monthly PP at 1,326.43 for the third consecutive session on Tuesday, as the commodity price keep reaching above it and retreating afterwards. However, the rate already managed to have a close above the resistance on Monday, as the session ended at 1,326.83, and a surge would be consistent with the channel upward pattern, which the metal has formed in the past four trading sessions. Although, daily aggregate technical indicators do not support a surge of the bullion during today's session.

Traders' Sentiment

Traders remain slightly bearish regarding gold, as 53% of open positions are short on Tuesday morning. In the meantime, pending commands are 64% to buy, which means that the surge is likely to continue.
© Dukascopy Bank SA
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