- Andy Parker, Market Exclusive
The bullion passed the 1,260 price on Tuesday and did not give up its position, as it gained even more strength against the US Dollar on Wednesday. At the moment the yellow metal is close to the 1,262 mark and it was volatile for the first part of Thursdays trading, at one point even passing the 1,266 level. On its way up gold faces the second weekly resistance at 1,274.37 and close by is located the first monthly resistance at 1,278.62. In the meantime, it is supported by weekly R1 at 1,259.11, which could prevent it from losing its Tuesday's gains.
SWFX traders have not changed their sentiment since yesterday, as 51% of positions are still short.