‘From a pure technical-fundamental aspect, everybody would be eying $1,200 as the next level of support, but I think $1,215 support here is not out of the question.’ – Spencer Campbell, Kaloti Precious Metals (based on Reuters)
Due to fundamental events in the US the price of the yellow metal remained above the 1,220 mark on Thursday morning. The future course of the commodity price is unclear, as both from a technical and fundamental perspective the yellow metal’s price is being squeezed. The metal keeps finding support in the support cluster below it, which has forced the bullion into breaking short term descending channel patterns that were reviewed in the Trade Pattern Ideas section of Dukascopy Bank. Due to that reason it is possible that a surge is about to occur up to the 1,242 mark in the medium term.
Trader open positions remain neutral. However, 66% of trader set up orders are set to buy the bullion.