Gold Analysis: Reaches near 1,270 level

Dukascopy Bank Team Dukascopy Bank SA

"We remain friendly on gold and suspect that we will likely push higher over the course of the coming week."

– Edward Meir, INTL FCStone (based on Reuters)

Pair's Outlook
The yellow metal started the week below the 1,270 mark with a decline. The reason for the decline was the fact that the commodity price already reached and has bounced off the resistance put up by the monthly PP, which is located at the 1,269.77 level. In general, a continuation of the surge in the future is still expected. However, before that the bullion is most likely going to retreat until it finds support in the weekly PP at the 1,261.80 level. Afterwards, the already mentioned monthly level of significance will pose a resistance. Although, due to the month ending soon that resistance will become obsolete soon.
Traders' sentiment
SWFX traders remain almost neutral, as 51% of open positions are long. Meanwhile, 67% of pending commands are set to buy the metal.

Interested in GOLD technicals? Check out the key levels

1. R3 1266.78
2. R2 1266.70
3. R1 1266.58
PP 1266.50
1. S1 1266.38
2. S2 1266.30
3. S3 1266.18

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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