Dukascopy - Analytics

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    Gold eroded two-day gains on Thursday

    © Dukascopy Bank SA
    "You're kind of range bound until you're clear on what the trend is of the Fed and of the dollar." - U.S. Bank Wealth Management (based on CNBC)

    Pair's Outlook
    The bullion went up at the start of Thursday and provided a good perspective for bulls. However, after reaching the levels around 1,217 it erased all daily gains almost in an hour. The losses were extended through Friday and the metal fell to 1,206.87, where it touched the first daily support, which is located exactly at that point. At the moment gold is rebounding and has passed the daily pivot point at 1,212.25. Above it are located the 55-hour SMA at 1,213.35 and daily R1 at 1,214.94.

    Traders' Sentiment
    SWFX traders are marginally bullish on gold on June 3, as 51% of them have opened long positions, a decline of four percentage points from yesterday's 55%.
    © Dukascopy Bank SA

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