‘We suspect that gold will respond more forcefully going into Tuesday’s session as geopolitical tensions start to rise again.’ – Edward Meir, INTL FCStone (based on Reuters)
Pair’s Outlook
During the early hours of Tuesday’s trading session the yellow metal’s price fluctuated near the 1,260 mark without a clear direction. However, on a larger scale it can be understood that the bullion is still in the surge, which began after reaching the support cluster near the 1,250 level. Due to that fact it can be assumed that the commodity price eventually will reach the nearest technical resistance, which is near the 1,270 mark, as at that level there is a resistance cluster made up of three various levels of significance.
Traders’ Sentiment
Traders sentiment remains firm, as 51% of open positions are short, and 67% of trader set up orders are long.
