© Dukascopy Bank SA
– Jamie Saettele (based on Daily FX)
Pair's Outlook
The yellow metal did not manage to break the resistance put up by the weekly and monthly pivot points around the level of 1,345, as the commodity price fell just below the 20-day SMA at 1,338.56. On Friday morning, by 5:30 GMT the bullion had bounced above the simple moving average, as the session was opened higher at 1,338.98 than the previous close of 1,337.76. It is most likely that gold will move back up and approach the pivot points once more. However, the metal had been more volatile to the downside and even reached below the 20-day SMA on Friday morning.
Traders' Sentiment
Trader sentiment remained unchanged for the third consecutive session, as 52% of open positions are short on Friday. In the meantime, pending commands to buy have increased by 3%, as 56% of open orders were long.
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