- a bullion trader in Hong Kong (based on CNBC)
Gold is gaining more and more ground. Although two days ago the commodity failed to gain a foothold above 1,250 dollars, the outlook remains bullish, even though the monthly indicators are mostly giving ‘sell' signals. The near-term sell-offs should be limited by the recently established up-trend and the weekly pivot point at 1,220/19, while the February maximum is the closest significant resistance. Beyond 1,264, the price should set its eyes on 1,307, the highest trading point of 2015.
A little less than three fourths of the SWFX market participants are pessimistic with respect to the precious metal. At the moment, 73% of open positions are short, which is 1 pp lower than the reading recorded 24 hours ago.