Thu, Mar 30, 2023 @ 07:41 GMT
HomeContributorsTechnical AnalysisGold Analysis: Remains below 1,290 Level

Gold Analysis: Remains below 1,290 Level

"The U.S. dollar still rules as the most important currency in the world’s markets, which has in recent history created an inverse relationship between gold and the greenback."

– Dani Burger and Julie Verhage, Bloomberg

Pair’s Outlook

On Friday morning the yellow metal’s price remained unchanged, as it was not traded due to Easter Holidays. However market participants have the information of the later hours of Thursday to analyze. The bullion initially declined as a consolidation occurred on Thursday. However, the metal managed to regain strength and even score gains by the end of the day, as the day’s trading ended at the 1,288.40 level. Gold was stopped on its way to the 1,300 level, which is most likely going to be reached after the holidays.

Traders’ sentiment

Trader positions have not changed and remain 53% bearish. Meanwhile, 56% of trader set up orders are to buy the metal.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading