- Zacks Investment Research (based on Investing.com)
Gold continued scoring gains on Thursday, as the US Dollar lost its value. The yellow metal previously had reached the level of 1,260 on Wednesday and it increased its gains to 1,265 on Thursday. At the moment, the metal is trading at 1,264.91, as a decline is observed on Friday morning, which might be profit taking from the recent week of gains. However, the decline faces a weekly R1 at 1,259.11 and if the pair passes the resistance, then it could go low as the monthly pivot point at 1,239.18. In the meantime, aggregate technical indicators support the forecast of a decline for today.
SWFX traders have increased the bearish sentiment, which started to set in in the past two days, as 51% of open positions were short. However, today the short position proportion has increased to 53%.