© Dukascopy Bank SA
– based on Reuters
Pair's Outlook
The yellow metal continued to try and break the resistance put up by the weekly pivot point at 1,316.02 on Wednesday morning. Although, the metal had reached far above the resistance and touched the 1,320 mark, it retreated afterwards, as the 20-day SMA is approaching at 1,322.16, and it is set to provide additional resistance against the bullion's surge. Daily aggregate technical indicators forecast a fall of the metal by the end of the day's trading session, and the closest support level is at 1,305.52. Both of these factors indicate, that the rising wedge pattern of the metal might be soon broken.
Traders' Sentiment
Traders remained neutral on the metal, with both long and short positions being equal. However, pending commands remain largely bullish, as 66% of set up orders are to buy the metal.
© Dukascopy Bank SA