HomeContributorsTechnical AnalysisGold Trades Near 1,240 Mark

Gold Trades Near 1,240 Mark

‘Gold prices will be a little bit rangebound with some upside bias for the next few weeks or so.’ – Barnabas Gan, OCBC (based on Reuters)

Pair’s Outlook

The yellow metal traded rather flat during the early hours of Thursday’s trading session. However, it is still set to gain, as the bullion was only searching for a support level which could continue to propel it higher. Moreover, the retreat only began due to the commodity price encountering the uptrend line, which has kept the surge steady for the past weeks. It is most likely that the support will be found in the monthly R1, which is located at 1,237.68. In addition, from a fundamental perspective the bullion is also set to surge.

Traders’ Sentiment

Traders have become bullish, as 54% of SWFX trader open positions are long. In the meantime, 56% of trader set up orders are to buy the bullion.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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.

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