© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal continued to lose value on Thursday morning, as the metal had moved to the 1,365 level. Previously, the bullion attempted to break through the resistance put up by the weekly S3 and the monthly S2, which are located respectively at 1,275.89 and 1,273.23. Gold is most likely to continue to move lower. However, at 1,258.70 the 200-day SMA is approaching from the downside and is most likely to slow down the fall of the bullion.
Traders' Sentiment
Traders of the SWFX are long on the metal, as 55% of open positions are bullish. In the meantime, pending commands have shifted and are once more bullish with 56% of them to buy the metal.
© Dukascopy Bank SA