HomeContributorsTechnical AnalysisGold Conslidates On Tuesday

Gold Conslidates On Tuesday

‘Participants still look to play on the long side. However, we may see profit-taking push the metal towards the 100-day moving average at $1,220.25.’ – Sam Laughlin, MKS PAMP Group (based on Reuters)

Pair’s Outlook

On Tuesday morning the yellow metal’s price declined, and the decline in the price can be explained by using not only technical but also fundamental analysis. From a fundamental perspective, profit taking occurred due to large jump, which occurred on Monday. Meanwhile, from a technical perspective it can be seen that the bullion’s price jumped out of the borders set by the Bollinger bands and encountered the weekly R1. Due to that reason the commodity price is declining, and it is most likely to retreat to the 1,220 levels, where the next notable support cluster is located at.

Traders’ Sentiment

SWFX traders are neutral on the metal, as 50% of trader open positions are long. In the meantime, 60% of trader set up pending commands are to buy the metal.

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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