Gold Analysis: Continues to gain on Thursday

Dukascopy Bank Team Dukascopy Bank SA

"Gold prices rose on Thursday as the U.S. dollar pared early gains and equities plunged on Chinese trade data that stoked concerns about the health of the world's No.2 economy."

– based on Reuters

Pair's Outlook
From a technical perspective the yellow metal is continuing yesterday's rebound from the 1,250 psychological level. However, the resistance put up by the 200-day SMA has not been broken. Actually, the metal did not even properly touch during Wednesday's trading session. Although, the SMA kept moving northward, and with it additional room for the bullion was freed up, which means that there will still be some minor gains, before gold starts battling the SMA. It is highly possible that after the encounter the yellow metal will move south.
Traders' Sentiment
SWFX traders have not changed their stance on the bullion, as 57% of open positions remained long on Thursday morning. In the meantime, pending commands have also almost remained unchanged, as 61% of set up orders were to buy.

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Dukascopy Bank Team

Dukascopy Bank SA

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