‘Gold price may see a little bit of selling pressure at this moment on hawkish comments coming from the Fed officials.’ – Mark To, Wing Fung Financial Group (based on Reuters)
Pair’s Outlook
On Thursday the yellow metal traded below the combined resistance cluster of the 50.00% Fibonacci retracement level at 1,248.96 and the weekly PP, which is located at 1,247.55 level. Previously, during Wednesday’s trading session the bullion traded exactly as forecasted, as the commodity price dropped and rebounded against the strong uptrend line near the 1,236.70 level. On Thursday the trend line’s support was located at 1,238.83 level. It is possible that the bullion would once more retreat to find support in the trend line. However, a break of the before mentioned resistance is more likely.
Traders’ Sentiment
Traders have not changed their opinions, as 53% of traders remain bullish. In the meantime, 58% of trader set up orders are to buy the metal.
