© Dukascopy Bank SA
– Jeffrey Currie and Max Layton, Goldman Sachs Group (based on Bloomberg)
Pair's Outlook
The yellow metal struggled to find support on Tuesday morning, as the metal bounced around the weekly pivot point at 1,263.46. Previously, on Monday the bullion moved lower by the end of the day's trading session, and it stopped exactly at the weekly PP at 1,263.46. However, on Tuesday the metal made a slight rebound and moved higher. In the meantime, daily aggregate technical indicators continue to forecast no changes, which means that the metal is most likely set to continue fluctuating between the 200-day SMA and the weekly PP.
Traders' Sentiment
Trader sentiment remains unchanged, as 57% of open positions remain long. In the meantime, pending commands have slightly increased and 57% of set up orders are to buy the metal.
© Dukascopy Bank SA