‘Whatever Trump says is important and is affecting the markets and may influence gold prices for the short-term.’ – Barnabas Gan, OCBC (based on Reuters)
Pair’s Outlook
On Friday morning the yellow metal’s price moved higher, as it was attempting to break the resistance, which is put up by the 100-day SMA. The SMA on Friday morning was located at the 1,228.32 level. As the SMA has kept the rate lower for the past three trading session, a break of it would release the piled up bullish momentum, which can be observed also in the SWFX market sentiment. The resulting surge could result in the commodity price reaching the weekly PP at 1,242.06, which is the closest resistance level above the mentioned simple moving average.
Traders’ Sentiment
SWFX traders are almost neutral, as 51% of open positions are long. Meanwhile, 62% of trader set up orders are to buy the metal.
