– Edward Meir, INTL FCStone (based on investing.com)
Pair's Outlook
As it was forecasted, the yellow metal began Monday's trading session higher and surged above the 1,295 level. However, afterwards profit taking occurred and the bullion began a retreat from the achieved heights. Meanwhile, it is still expected that the commodity price will soon reach the 1,300 level, as the only resistance level up to that mark was the upper Bollinger band, which fluctuated near the 1,291 level. At the 1,300 mark the yellow metal's price is most likely set to change its direction, as a strong resistance cluster surrounds that level.
Traders' Sentiment
Traders remain bearish, as 54% of open positions are short. Meanwhile, 58% of pending commands are to buy the metal.
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