Gold Analysis: Remains above support

Dukascopy Bank Team Dukascopy Bank SA

"People are probably going to buy gold around $1,250 and sell it around $1,280. There is nothing on the news to aggressively buy gold at this point of time."

– Anonymous trader (based on Reuters)

Pair's Outlook
The yellow metal has not moved much since the fall, which was experienced on Tuesday. The commodity price remained above the support provided by the weekly S2 at 1,263.56. It is most likely that the markets are expecting the outcomes of various political situations, which are in the development, before making a decision. In the case of a decline the bullion would fall down to the 1,253 level, where close by starts a strong support cluster. However, if a surge occurs, the cluster near the 1,274 mark is likely to stop it.
Traders' Sentiment
SWFX market sentiment remains bearish, as 47% of open positions are short. However, 61% of pending commands are to buy the bullion.

Interested in Gold technicals? Check out the key levels

1. R3 1278.25
2. R2 1273.92
3. R1 1269.06
PP 1264.73
1. S1 1259.87
2. S2 1255.54
3. S3 1250.68

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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