© Dukascopy Bank SA
– based on FX Techstrategy
Pair's Outlook
The yellow metal was struggling with the resistance put up by the newly formed weekly PP at 1,316.02. Previously, on Friday the bullion fell below the resistance put up by the rising wedge pattern's lower trend line at 1,312.88. However, as it was closing in on the 100-day SMA and the lower Bollinger band, the metal changed its direction and began a surge, which continued on Monday morning, as the XAU/USD rate approached the previously mentioned pivot point.
Traders' Sentiment
Trader open positions have remained unchanged, compared to Friday, as they are almost neutral with 51% of short positions. In the meantime, pending commands continue to indicate at large expectations of a surge, as 68% of set up orders are to buy the pair.
© Dukascopy Bank SA