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– Mark Lundeen (based on investing.com)
Pair's Outlook
The yellow metal set a downward course on Friday, and the fall continues into Tuesday, as the metal was moving lower near the level of 1,338.40 by 5:00 GMT. However, the bullion previously had reached the 1,331.76 level, where the first weekly support is located at. The commodity rebounded against the first weekly support and moved back up during Monday's session. However, the before expected rebound ended at the 20-day SMA at 1,340.61 when gold moved lower. During Tuesday's trading session it is expected that the metal will test the resistance put up by the SMA once more.
Traders' Sentiment
SWFX traders enter a third session of unchanged bearishness on the metal, as 52% of open positions are short on Tuesday. In the meantime, pending orders have increased to 59%, compared to Monday's 52%.
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