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– Stewart Thomson, Graceland Investment Management
Pair's Outlook
The yellow metal has been stagnant for the past sessions, as the bullion has been bouncing around the 1,320 level. On Monday it seemed, that a new trend might finally start, as the metal's price fell, and that changed on Tuesday, as the price surged back up close to 1,320 level. On Wednesday morning, the commodity is trading slightly volatile at the same levels, as during Tuesday's trading session. Although, the situation might change by the end of the week, as the 20-day SMA is closing in on the rate from the upside at 1,323.75.
Traders' Sentiment
With respects to the bullion, SWFX traders have not changed their sentiment, as 51% of open positions remain long on Wednesday morning. In the meantime, pending orders in the 100-pip range are 65% long.
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