- Val Kensington (based on Investing.com)
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.
SWFX traders have not changed their positions since Friday, as the sentiment is still bearish with 53% of open positions being short.