HomeContributorsTechnical AnalysisGold Trades Lower After Touching 1,260 Mark

Gold Trades Lower After Touching 1,260 Mark

‘We’re likely to see gold prices relatively steady for now until there is a little bit more clarity on Trump’s other policies, particularly over the tax bill.’ – Daniel Hynes, ANZ (based on Reuters)

Pair’s Outlook

During the early hours of Tuesday’s trading session the yellow metal’s price declined, as it traded just above the 1,250 mark. Previously, during Monday’s trading session the bullion managed to surge and even reach above the 1,260 mark. During that move, the price passed the 200-day SMA, and it was expected that the metal will continue the surge. However, it seems that as the US political fundamental events calmed down, the buck regained its strength. Although, the hypothesis of a surge remains in force, as the medium term ascending channel remains unbroken.

Traders’ Sentiment

Traders are neutral bearish, as 51% of open positions are short on Tuesday. However, 67% of set up orders are to buy the metal.

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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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