Gold Analysis: Meets resistance at 1,260 mark
|"The biggest driver of gold has been the relatively weak U.S. dollar."
– Jiang Shu, Shandong Gold Group (based on Reuters)
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Pair's Outlook
During the last trading session the yellow metal stopped the jump, which was the result of a breakout out of a triangle pattern. The surge stopped at the 1,260 level, where the 200-day SMA was and still is located at. As a result with a new week a decline has begun, and the bullion's price is set to decline to the 1,248.96 level, where the 50.00% Fibonacci retracement level is located at. In addition, the Fibo is also supported by the newly calculated weekly PP, which is located at the 1,247.55 level. -
Traders' sentiment
Traders remain long on the metal, as 54% of SWFX open positions are long. In addition, 61% of trader set up orders are set up to buy the bullion.
Interested in GOLD technicals? Check out the key levels
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