Dukascopy - Analytics


    488.50 6.00/10
    83% of positive reviews

    Gold stops its surge on Thursday

    © Dukascopy Bank SA
    "The latest in the whipsaw that is the gold market sees the shiny rock moving higher again. Will it stick this time? Or will it pull another head fake and make a higher high only to give it up and fall back again? The boomerang market has been in full swing." 
    - Dragonfly Capital (based on Investing.com) 

    Pair's Outlook 
    The Yellow metal had surged for six consecutive trading sessions before it finally overheated and dropped. Amidst the Thursday's trading session, the metal climbed even above the level of 1,315, and the situation looked like it is about to reach the 1,330 mark. However, the commodity tumbled afterwards, fell below the monthly R1 at 1,278.62 and ended day's trading session at 1,276.85. Although at the start of Friday's session the bullion is on the rise again, and it has surged to 1,284. In addition the aggregate technical indicators predict a surge for the metal today and during the next week. 

    Traders' Sentiment 
    SWFX traders are still majorly bearish on the yellow metal, as 70% of open positions are short. At the moment, it might indicate on a further surge, as the metal is oversold.
    © Dukascopy Bank SA

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree