Gold Analysis: fluctuates near 1,245 mark

Dukascopy Bank Team Dukascopy Bank SA

"If the (healthcare) vote is to pass the reforms, gold could face pressure. But, if it encounters problems, we might chase a previous high at around $1,260.”

– Reuters

Pair’s Outlook
The yellow metal traders are expecting the fundamentally important vote on US healthcare, which will reveal, whether Donald Trump can get legislation passed. Due to that reason the bullion bounced around the 1,245 mark on Friday morning. From a technical perspective the commodity price is squeezed in between the weekly R1 at 1,242.38 and the 50.00% Fibonacci retracement level at 1,248.96, which is enforced by the long term downward trend line at 1,250.12. Due to this trend line it can be assumed that the legislative bill will not be passed. However, it might as well be easily broken, and market participants should stay vigilant.
Traders’ sentiment
Trader open positions are once more neutral on the metal. However, 64% of orders are set to buy the bullion.

Interested in GOLD technicals? Check out the key levels

1. R3 1262.32
2. R2 1257.81
3. R1 1251.01
PP 1246.50
1. S1 1239.70
2. S2 1235.19
3. S3 1228.39

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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