Gold Analysis: Breaks out of triangle

Dukascopy Bank Team Dukascopy Bank SA

"Even in the event of a rate increase, we doubt the precious metal will lose much ground."

– Edward Meir, INTL FCStone (based on Reuters)

Pair's Outlook
As forecasted and mentioned for the past week by the Dukascopy research team, the yellow metal has broken out of a triangle pattern and surged. The bullion has reached and even surpassed the 1,250 mark, about which speculations have been roaming around the markets for the past few months. On Friday the metal was not done with its move higher, as the 50.00% Fibonacci retracement level at 1,248.96 was broken, and with that the bullion set its path to the 1,258.50 mark, where the weekly R2 is located at.
Traders' Sentiment
Traders remain bullish on the metal, as 56% of SWFX trader open positions are long. In addition, 60% of trader set up orders are still set to buy the metal, compared to 62% on Thursday.

Interested in Gold technicals? Check out the key levels

1. R3 1254.33
2. R2 1246.59
3. R1 1240.89
PP 1233.15
1. S1 1227.45
2. S2 1219.71
3. S3 1214.01

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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