© Dukascopy Bank SA
- ThinkMarkets U.K. Ltd (based on Bloomberg)
Pair's Outlook
The yellow metal is free from fluctuations above the 1,250 level, above which it had bounced up and down for the past week. On Monday morning, the bullion began what seemed to be another slight surge, and it turned out to be just that with one minor exception. The commodity price moved above the newly formed pivot point at 1,253.84, which now is providing support to the metal. On Tuesday morning gold was already pounding on the next resistance level represented by the weekly R1 at 1,261.62. However, it is possible that the metal will bounce off the resistance.
Traders' Sentiment
Traders remain bullish on the metal, as 57% of open positions were long on Tuesday. In the meantime, 62% of pending commands are set up to buy the bullion.
© Dukascopy Bank SA