‘China’s net gold imports via main conduit Hong Kong dropped 33.5 percent in April from the previous month.’ – Vijaykumar Vedala, Reuters
Pair’s Outlook
On Friday morning the yellow metal’s price remained below the 1,260 mark, as it failed to reach for the levels near the 1,270 level. However, during Thursday’s and Friday’s trading the commodity price did not need to retreat for support of the cluster near the 1,250 mark. Which means that a bullish momentum persists in the bullion. Moreover, the 55-day SMA seems to be moving away from the mentioned support cluster to provide support higher. These small factors combined allow to keep in force the forecast of the yellow metal reaching the 1,270 mark in the near future.
Traders’ Sentiment
SWFX market sentiment remains unchanged, as 51% of open positions are short. However, 71% of pending commands are to buy the bullion.
