HomeContributorsTechnical AnalysisGold Remains Above 1,250 Level

Gold Remains Above 1,250 Level

‘The Fed will likely pass on a rate move in March.’ – Edward Meir, INTL FCStone (based on Reuters)

Pair’s Outlook

The yellow metal on Tuesday morning was regaining some of the losses, which it suffered during Monday’s trading. However, the losses suffered on Monday were most likely just a consolidation in the aftermath of the breakout to the upside, which occurred at the end of last week. It is most likely that the bullion will make another attempt at the resistance cluster, which it faces on Tuesday. The cluster is made up of the upper Bollinger band at 1,257.69 and the 200-day SMA at 1,260.23. On the other hand, the metal might seek more support in the 50.00% Fibo at 1,248.96 level.

Traders’ Sentiment

SWFX traders remain long on the metal, as 53% of open positions are bullish. In addition, 59% of set up orders are set 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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