Gold Analysis: Breaks resistance on Wednesday
|"Economic growth and rising wages are the driving forces behind our expectation for India's gold demand to rise in the long term."
– Sunil Kashyap, chairman, Singapore Bullion Market Association (based on Bullion Vault)
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Pair's Outlook
The yellow metal surged on Wednesday morning, as it was ignoring the strength of the US Dollar and broke through two resistance levels and was about to break the last remaining resistance of the cluster. Previously, the metal found support in the weekly PP and attempted to break through the resistance cluster located from 1,269.86 to 1,276.81. Traders should keep their eyes on the 1,276.81 level, where the last resistance is located at, as the further way to 1,287.72 would be open, if the weekly R1 gets broken. -
Traders' Sentiment
Traders remain bullish on the metal, as 55% of open positions are long on Wednesday. In the meantime, pending commands are identical to open positions, as 55% of set up orders are to buy the bullion.
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