Gold Analysis: Breaks out of triangle
|"Even in the event of a rate increase, we doubt the precious metal will lose much ground."
– Edward Meir, INTL FCStone (based on Reuters)
-
Pair's Outlook
As forecasted and mentioned for the past week by the Dukascopy research team, the yellow metal has broken out of a triangle pattern and surged. The bullion has reached and even surpassed the 1,250 mark, about which speculations have been roaming around the markets for the past few months. On Friday the metal was not done with its move higher, as the 50.00% Fibonacci retracement level at 1,248.96 was broken, and with that the bullion set its path to the 1,258.50 mark, where the weekly R2 is located at. -
Traders' Sentiment
Traders remain bullish on the metal, as 56% of SWFX trader open positions are long. In addition, 60% of trader set up orders are still set to buy the metal, compared to 62% on Thursday.
Interested in Gold technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.