© Dukascopy Bank SA
- based on Reuters
Pair's Outlook
The yellow metal edged higher on Monday morning, as it approached the resistance put up by the weekly PP at 1,214.32. However, it seemed like a temporary surge, as the US Dollar was poised to continue to gain and with it decrease the commodity price. It is most likely that the metal will fall by the end of the day's trading session and reach the support cluster located below it around the 1,200 level. The cluster consists of the second monthly support at 1,200.77, May low level at 1,199.58 and the weekly S1 at 1,195.64.
Traders' Sentiment
Trader sentiment remained unchanged on Monday morning, as 54% of open positions remained long, and trader set up orders remained bullish, namely 56% of them were set up to buy.
© Dukascopy Bank SA