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– Phil Flynn (based on investing.com)
Pair's Outlook
The yellow metal bounced off the first weekly resistance at 1,366.06 and fell to 1,357.25 on Wednesday. At the start of Thursday's trading session the bullion has fallen even more than during yesterday's session, as the metal had fallen to 1,350 by 5:00 GMT. At such rate gold is soon going to reach the support provided by the monthly PP at 1,345.31. However, daily aggregate technical indicators forecast a surge for the metal during today's trading session.
Traders' Sentiment
The SWFX market has not changed during the night, as market sentiment remains 55% short on Thursday. In the meantime, pending orders are 67% long, which indicates at a possible upcoming surge.
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