HomeContributorsTechnical AnalysisGold Analysis: Trades Above 1,250 Level

Gold Analysis: Trades Above 1,250 Level

‘Fundamentally, we remain bearish on the yellow metal, underpinned by two more rate hikes by the U.S. central bank in 2017.’ – Barnabas Gan, OCBC (based on Reuters)

Pair’s outlook

The yellow metal remains above the 1,250 level, and it is still positioned for additional gains in the near future. The reason for that is the fact that the bullion is above a strong support cluster, which is located from the 1,243 to the 1,249 levels. Meanwhile, the commodity price faces no resistance up to the 1,269 level, where the monthly PP and a medium term trend line are located at. Most likely the bullion will reach for the resistance and bounce off of it during the next upcoming trading sessions.

Traders’ sentiment

SWFX market sentiment remains almost neutral, as 51% of open positions are short. However, 65% of trader set up orders are to buy.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading