Gold Analysis: Continues to surge
|"Buying shows that people are looking ahead this week with Trump's inauguration and discussions on Brexit. There is a lot of uncertainty moving forward."
– Brian Lan, GoldSilver Central (based on Reuters)
-
Pair's Outlook
On Monday morning the yellow metal was in its sixth consecutive trading session of gains, as the metal traded near the 1,205 mark and was set to score even more gains. The bullion faced no resistance up to the level of 1,211.87, where the first weekly resistance level was located. The commodity price did not simply just jump to this level due to the technical resistance, provided by minor levels of significance, which create the slowed down movement of a financial instruments price. -
Traders' sentiment
SWFX traders remain bullish regarding the future outlook of the yellow metal's price, as 54% of trader open positions are long. In the meantime, 62% of trader set up orders were to buy the metal.
Interested in XAUUSD 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.