- MKS Group (based on CNBC)
On Thursday, the bullion tried to regain bullish momentum, helped by demand area around 1,215. This support zone was represented by 100-day SMA and weekly S1, and it has finally pushed Gold upwards. However, the precious metal was immediately stopped by the closest resistance in face of 38.2% Fibonacci retracement at 1,229. Moreover, this obstacle is reinforced by 55-day SMA; therefore, a penetration of this level in unlikely in the short-term. Meanwhile, both near and long-term technical studies are now giving signals to sell Gold.
Sentiment towards the precious metal is remaining strongly optimistic among SWFX traders, even despite the fact that a share of bullish positions decreased to 62%, down one more percentage point from yesterday.