© Dukascopy Bank SA
– Walker England, Daily FX
Pair's Outlook
The yellow metal surged on Tuesday morning, as it jumped from 1,276.34 to 1,279.83 and passed the monthly pivot point at 1,279.01. As the resistance of the pivot point has been broken, the way is free up to the level of 1,285.54, where the first weekly resistance is located. However, the outlook is just like it was yesterday with the exception of the newly calculated monthly PP, which did not provide sufficient resistance to even hinder the surge of the bullion. Gold is most likely to continue the surge during the day.
Traders' Sentiment
Trader sentiment remains unchanged, as 54% of open positions remain bullish. Meanwhile, 59% of set up trader orders are to buy the bullion.
© Dukascopy Bank SA