Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
Jan 09 17 10:29 GMT
Gold Stops Gaining Ground
'Some kind of rebound in gold prices is still in place.' – Mark To, Wing Fung Financial Group (based on Reuters)
After three consecutive trading sessions of gains the yellow metal stopped the surge and lost value during Friday's trading session. On Monday morning the commodity price fluctuated near the previous closing price near the 1,175 mark. By looking at the technical indicators and various clues, it can be assumed that the bullion is set to depreciate down to the 1,167.75 level, where the weekly PP is located at. Afterwards, the metal is likely to rebound and move back up to the opening price level.
Traders have not changed their opinion on Monday, as 56% of open positions remain long. Meanwhile, 62% of trader set up orders were to buy the metal, compared to 68% on Friday.
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