‘A U.S. rate hike is probably coming soon though the Federal Reserve may want to delay if inflation remains soft.’ – Vijaykumar Vedala, Reuters
Pair’s Outlook
Seems like the yellow metal is set to lose more value than it was previously though. On Wednesday morning the bullion managed to fall and traded below the weekly PP, which is located at the 1,261.80 mark and was set to provide support to the commodity price. Due to the fact that this level of significance has been passed from a technical analysis perspective it can be expected that the weekly S1 and the 55-day SMA are the next support levels to be reached. The just mentioned support levels are located, respectively, at 1,253.91 and 1,254.25 levels.
Traders’ Sentiment
SWFX traders remain almost neutral, as 51% of open positions are long. Meanwhile, only 59% of set up orders are to buy the metal, compared to 66% of pending commands previously.
