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    Gold reaches 1,275 on Monday

    © Dukascopy Bank SA
    "The sharp decline in oil prices also weakened the sentiment around the European markets, which were already under pressure from the ECB president's comments."
    - Val Kensington (based on Investing.com) 

    Pair's Outlook 
    The bullion continued its surge on Friday, as the yellow metal gained strength and the price changed from 1,268.61 to 1,272.83. In addition, as the markets opened on Monday, the metal started trading at 1,275.53. At the moment, gold is struggling with the resistance provided by monthly R1 at 1,278.63, as it bounced off it On Friday and on Monday morning. If the metal changes direction, it will fall to at least the level of 1,261.90, where the weekly PP is located. 

    Traders' Sentiment 
    SWFX traders have not changed their positions since Friday, as the sentiment is still bearish with 53% of open positions being short.
    © Dukascopy Bank SA

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