- Dragonfly Capital (based on Investing.com)
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.
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.