‘Spot gold still targets $1,209 per ounce, as suggested by a Fibonacci retracement analysis.’ – Wang Tao, Reuters
Pair’s Outlook
After a low opening and touching the 1,221.50 level on Monday morning the yellow metal regained its losses in the early hours of the day’s trading session. However, the bullion is still likely to continue the retreat, as the Macron victory in the French Presidential Election is seen as a sign of minor changes in the fundamentals in the financial markets, which could affect the price of the yellow metal. Due to that reason the commodity price might retreat down to the next support cluster, which begins just below the 1,220 mark.
Traders’ Sentiment
Traders are neutral bearish, as 51% of open positions are short. However, 68% of trader set up orders are to buy the metal.
