‘We expect the precious metal to have a bumpy ride the rest of the week as we await further economic indicators from the U.S.’ – Mihir Kapadia, Sun Global Investments (based on Reuters)
Pair’s Outlook
During the early hours of Tuesday’s trading session the yellow metal had paused the decline, which occurred during Monday’s trading. The bullion stopped just below the 1,225 level and attempted to regain some of its value. However the attempt failed, and the commodity price still remains positioned to fall to the 1,219.20 level, where the 38.20% Fibonacci retracement level is located at. The Fibonacci retracement level is also supported by the weekly S1, which is located at 1,216.60 level.
Traders’ Sentiment
For the third consecutive trading session SWFX traders remain 54% long regarding the bullion. In addition, 58% of trader set up orders are to buy the metal.
