- ElliotWave Trader (based on Investing.com)
The bullion is not stopping, and it has booked gains for the seventh consecutive trading session. At the moment, the yellow metal is at 1,302.44, which is just below the second weekly resistance at 1,305.22 and the 2015 high level of 1,307.07. If the bullion breaks through the resistance, there is nothing stopping it until the level of 1,332.35, where the weekly R3 is located. However, if the metal bounces off the resistance cluster provided by the two before mentioned levels, it might fall back to the level of the monthly R1 at 1,278.62.
SWFX traders are still bearish with 68% of open positions being short. However, it is a decrease compared to yesterday's 72% of short positions.