Gold Analysis: Declines on Tuesday

Dukascopy Bank Team Dukascopy Bank SA

"People are awaiting direction from the minutes of the last FOMC (Federal Open Market Committee) meeting."

– Hareesh V, Geofin Comtrade Ltd (based on Reuters)

Pair's Outlook
The yellow metal lost value during the early hours of Tuesday's trading session, as the bullion was in a retreat after failing to break the resistance put up by the monthly R1 at 1,237.68 during Monday's trading session. However, if compared with previous price levels, the commodity price has not changed much for the past four trading sessions. The reason for that is that market participants are expecting clues regarding US monetary policy. In the meantime, from a technical perspective the yellow metal is set to remain flat until it encounters the uptrend line in the next two trading sessions.
Traders' sentiment
SWFX traders have not changed their opinion, as 54% of open positions remain long, and 61% of trader set up orders remain set to buy the bullion.

Interested in GOLD technicals? Check out the key levels

1. R3 1234.92
2. R2 1234.82
3. R1 1234.60
PP 1234.50
1. S1 1234.28
2. S2 1234.18
3. S3 1233.96

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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