- Forex.com (based on MarketWatch)
Gold managed to find support at 1,210 (monthly R3), which testifies in favour of a rally after the present consolidation is over. In case of a recovery we will look forward to a test of the February high at 1,264 dollars, which is still $50 away from the spot price. The resistance at 1,264 is also strengthened by the weekly R2 and the Bollinger band. If the bulls remain in control after the attack on it, the next objective could be the peak reached early last year, namely the 2015 high at 1,307.
The percentage of bears in the market has fallen since the previous report published 24 hours ago, but the overall sentiment is still bearish, being that as many as 70% of open positions are short (73% yesterday).