© Dukascopy Bank SA
– Helen Lau, Argonaut Securities (based on Reuters)
Pair's Outlook
On Wednesday morning the yellow metal traded just below the weekly PP, which is located at 1,214.32. Previously, on Tuesday the bullion's price fluctuated mostly above the weekly pivot point. However, by the end of the day the commodity price slipped lower and ended the day's trading session at 1,210.87. All factors researched indicate that the metal is set to fall in the upcoming sessions, and, as it was mentioned before, in that case gold would fall to at least the level of 1,200, where the next support cluster is located at.
Traders' Sentiment
SWFX bullish market sentiment continued to increase on Wednesday, as 56% of trader open positions were long. Meanwhile, 57% of trader set up orders were to buy the metal.
© Dukascopy Bank SA