© Dukascopy Bank SA
"The (gold) market looks set to continue to trade in a $1,180-$1,195 range with a break to the downside looking more likely in line with the surging dollar."
- MKS Group (based on CNBC)
Pair's Outlook
The precious metal has been trading flat for a second consecutive day on Thursday, while awaiting additional influencing factors. The bullion, however, made an attempt to slump below the weekly S2 at 1,182 yesterday, but was pushed back in the direction of 1,190. The metal is required to show more volatility in order to escape the narrow range between 1,182 and 1,194. An upward scenario seems more difficult at the moment, considering a dense cluster of immediate supply levels (monthly PP, 55-day SMA, weekly S1).
Traders' Sentiment
Advantage of bulls over bears at the SWFX market remains strong. The total share of long opened positions hovers just above 60% for a third day in a row, and specifically at 61% in the morning on Friday.
© Dukascopy Bank SA