‘The Fed meeting is the next likely catalyst for gold.’ – Jordan Eliseo, ABC Bullion (based on Reuters)
Pair’s Outlook
The yellow metal’s price is fluctuating, as forecasted. The metal hit the support cluster below it near the 1,252 level and made a slight rebound. On Wednesday morning the metal traded above the support cluster, which is made up of the 55 and 200-day SMAs, the weekly S2, the lower trend line of a medium scale descending channel and the 50.00% Fibonacci retracement level. All of these levels of significance make the 1,250 mark a strong foundation for the bullion. Due to that it is even unlikely that the will pass this support soon.
Traders’ Sentiment
SWFX market sentiment remains unchanged, as 52% of open positions are short, and 67% of trader set up orders are to buy.
