‘I don’t think it can have a further upside as even though the (U.S. interest) rate hike expectations have come down; the direction of hikes and monetary tightening are quite clear.’ – Mark To, Wing Fung Financial Group (based on Reuters)
The yellow metal’s price has returned back to the levels just above the 1,250 mark. The jump witnessed on Friday receded, as the financial markets and the world calmed down after the US missile strikes in Syria. On Monday the bullion was squeezed in between the resistance of the 200-day SMA and the weekly PP, respectively, at 1,255.17 and 1,255.99 and the support, which is provided by the 50.00% Fibonacci retracement level at the 1,248.96 mark. Most likely markets will expect the today’s speech of Janet Yellen regarding monetary policy before making further decisions.
Trader open positions are neutral in regard to the yellow metal’s price. However, 55% of trader set up orders are to buy.