‘Spot gold is expected to test a resistance at $1,237 per ounce, a break above which could lead to a gain to $1,243.’ – Wang Tao, Reuters
Pair’s Outlook
On Monday morning the yellow metal’s price continued its way higher, as the bullion traded above the 1,230 mark. The commodity price is set to face the resistance put up by the monthly PP, which is located at the 1,236.39 level. The pivot point is a lone resistance, and it is highly possible that it will be broken. In that case the metal will be set to face another lone resistance level, as the weekly R1 is located at the 1,242.38 mark. On the other hand the metal might bounce off the monthly level of significance and retreat to the 20-day SMA, which is located at the 1,222.24 level.
Traders’ Sentiment
Traders remain neutral bullish, as 51% of open positions are long. Meanwhile, 66% of trader set up orders are to buy the metal.
