‘What’s happening now is just an inverse trade against the dollar.’ – Jiang Shu, Shandong Gold Group (based on Reuters)
Pair’s Outlook
On Friday morning the yellow metal’s price remained rather unchanged, as the bullion fluctuated just above the 1,225 mark. Previously, during Thursday’s trading session the bullion extended the gains, which it scored on the Federal Reserve’s rate hike. However, at the 1,233.59 mark the bullion encountered the resistance of a medium term descending channel, which proved strong enough to cause a minor decline in the commodity price. It is most likely that the bullion will make another attempt to break higher, as on Friday morning the decline has stopped, and the yellow metal has begun to approach the weekly R1, which is located at the 1,228.89 level.
Traders’ Sentiment
SWFX traders are almost neutral, as 51% of open positions are long. Meanwhile, 66% of trader set up orders are to buy.
