Gold Analysis: Jumps out the monthly channel
|"China's gold reserves totalled 59.24 million fine troy ounces at the end of November, unchanged from a month earlier, the central bank said on Tuesday."
- Reuters
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Pair's Outlook
After respecting the 1,169.10 area for three consecutive sessions, the Bullion opened green with a takeoff from the month-long channel upper boundary. Upward movements were cut by the 1,178.21 weekly Pivot Point Thursday morning, and in case no significant market movers come into play, XAU/USD might remain squeezed in between the aforementioned levels. A surge above the Pivot Point leaves little to stick on to, as the next level of significance lies just at 1,195.73, while movements below the four-day trading range are likely to be limited by 1158.87. -
Traders' Sentiment
Positive sentiment shows that Gold is bought in 60% of all cases for the fifth consecutive session, and long pending orders also show no change with 68% of SWFX traders betting the metal will surge.
Interested in Gold technicals? Check out the key levels
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