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"Gold fell 1 percent on Monday to hit its lowest in more than five months, pressured by a stronger U.S. dollar and expectations the Fed will raise interest rates in December."
– Apeksha Nair, Reuters
Pair's Outlook
The yellow metal continued to fall on early Monday morning, as the US Dollar continued to gain strength in the aftermath of the previous week's US presidential election outcome. Previously, during Friday's trading session the bullion fell 2.56% and ended the day's session at 1,225.96. On Monday the metal had no near support, which could stop its fall, as the closes support levels were located near the 1,200 level. Near the 1,200 mark the second monthly support is located at 1,200.77 and the May low level is at 1199.58.
Traders' Sentiment
Traders have become slightly bullish, as 52% of open positions were long on Monday morning. Meanwhile, 58% of trader set up orders are to buy the bullion.
© Dukascopy Bank SA