Gold Analysis: Trades near 1,270 on Monday

Dukascopy Bank Team Dukascopy Bank SA

"Gold fell nearly 1 percent on Monday to its weakest in two weeks after centrist Macron led the first round of voting in the French presidential election.”

– Swati Verma, Reuters

Pair’s Outlook
On Monday morning the yellow metal was recovering after the low opening and fall caused by the French presidential election. The bullion almost touched the 1,265 mark before it rebounded and surged up to the 1,275 level, where close by two resistance levels are located at. However, the yellow metal’s price still remains in the borders of a medium scale ascending channel pattern. The commodity price has touched the lower trend line of the channel, which means that the bullion is likely to surge in the near future.
Traders’ sentiment
SWFX market sentiment remains bearish, as 56% of open positions are short. However, 65% of trader set up orders are to buy.

Interested in GOLD technicals? Check out the key levels

1. R3 1284.36
2. R2 1284.30
3. R1 1284.16
PP 1284.10
1. S1 1283.96
2. S2 1283.90
3. S3 1283.76

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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