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– James Steel, HSBC (based on Reuters)
Pair's Outlook
The yellow metal scored new heights during Thursday's trading session, and it was set to continue to gain even more. The bullion jumped due to US Dollar weakness caused by Trump's speech on Wednesday. The commodity price passed the 1,200 mark and did not show signs of stopping the surge. It is most likely that the bullion will surge up to the 1,206.74 mark, where the second weekly resistance level is located at. In addition, during Thursday's trading gold also broke out of the medium and large term channels, in which it had traded.
Traders' Sentiment
Traders remain bullish, as 54% of open positions were long on Thursday. In the meantime, 62% of trader set up orders were to buy the metal.
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