- Steward Thomson, Graceland Investment Management Inc. (based on Investing.com)
The bullion scored gains for the fifth consecutive trading session on Tuesday, as it ended day's trading at 1,285.93. For comparison, the yellow metal was worth 1,243 on June 7. If this channel up movement continues, the metal will be at the 1,290 price today. However, it faces the weekly R1 at 1,289.03, and if this resistance is broken, the bullion would have a clear way north above the 1,300 mark, as the next resistance is at 1,305.22. Aggregate technical indicators forecast a continuation of the surge today.
SWFX traders, after drastically increasing their short positions yesterday from 53% on Monday to 66% on Tuesday, have even more increased the short positions, as the number of open long positions is 72% on Wednesday morning.