Gold remains below 1,250 mark
|"There is a strong technical resistance at $1,250 and that seems to have been felt strongly at this juncture.”
– Barnabas Gan, OCBC (based on Reuters)
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Pair’s Outlook
During the early hours of Thursday’s trading session the yellow metal was in a retreats, which was initiated by the end of Wednesday’s trading. Although initially it might seem that the 50.00% Fibonacci retracement level at 1,248.96 has reversed the direction of the bullion that is not true. The commodity price was pushed lower by a long term downwards aimed trend line, which can be drawn by connecting the August and September heights with the high level of February. It is, however, a high possibility that the metal will attempt to break this resistance and surge to the 1,256 level, where the next resistance level is located at. -
Traders’ sentiment
Traders are neutral bearish on the metal, as 51% of open positions are short. Meanwhile, 65% of trader set up orders are to buy the bullion.
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