‘Global uncertainty from the U.S., Europe and on the Korean front will drive global prices high again as prices couldn’t break the December-low.’ – Hareesh V, Geofin Comtrade Ltd. (based on Reuters)
Pair’s Outlook
The yellow metal began the week near the 1,230 level, where it traded rather flat during the early hours of Monday’s trading session. The bullion began the week below the newly calculated weekly PP, which is located at 1,232.24. It is most likely that the commodity price will continue to decline by the end of the day, as the closest support level is located at 1,219.77, where the weekly S1 is located at. In addition, the weekly S1 is supported by the 38.20% Fibo at 1,219.20 level. After encountering this support level, the bullion is likely going to rebound and begin to regain strength.
Traders’ Sentiment
SWFX market sentiment remains bullish, as 55% of open positions are long. In the meantime, 57% of trader set up orders are to buy the metal.
