Gold Analysis: Fluctuates above 1,265 level

Dukascopy Bank Team Dukascopy Bank SA

"President Donald Trump unveiled a one-page plan on Wednesday proposing deep U.S. tax cuts."

– Swati Verma, Reuters

Pair's Outlook
The yellow metal remained near previous session's opening level on Thursday morning, as the commodity price ran into resistance during the last hours of Wednesday's trading. The bullion is most likely going to find support in the weekly S2, which is located at the 1,263.56 level. The weekly S2 managed to provide enough support to keep the metal's price higher in the past two trading sessions. However, as the yellow metal rebound, it is set to face the resistance put up by the 20-day SMA at 1,271.25 level.
Traders' Sentiment
Traders remain bearish on the pair, as 54% of open positions are short. However, 64% of pending commands are set to buy the metal.

Interested in Gold technicals? Check out the key levels

1. R3 1284.23
2. R2 1277.47
3. R1 1273.13
PP 1266.37
1. S1 1262.03
2. S2 1255.27
3. S3 1250.93

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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