‘Bonds, the yen and gold jumped in Asia on Friday, while stocks slipped, as investors turned to safe-haven assets after the missile strikes.’ – James Regan, Reuters
Pair’s Outlook
On Friday the yellow metal’s price jumped due to events in the world. The bullion’s price surged due to the missile strikes conducted by the US on Syrian airfields. From a technical viewpoint the bullion passed the 200-day SMA at 1,255.71 and the weekly R1 at 1,259.70 level to trade at 1,269.33 during one point of the session. It is highly possible that the bullion will continue the surge, as events occur during the day. In such case the commodity price would most likely surge up to the weekly R2, which is located at the 1,271.04 level. The weekly R2 marks the beginning of a strong resistance cluster.
Traders’ Sentiment
SWFX have become neutral bullish on the metal, as 51% of open positions are long. However, buy orders have decreased from 61% on Thursday to 51% on Friday.
