- Investing Heaven (based on Investing.com)
After suffering losses on Thursday, the yellow metal regained losses and it even gained additional value on Friday, as gold reached the 1,297.48 level at the end of day's trading session. However, on Monday morning, the bullion is losing value against the US Dollar, as the metal is at the 1,281.50 mark, and it is struggling on its downward movement with the support provided by the first monthly resistance at 1,278.62. In the meantime, aggregate daily technical indicators predict a surge for gold, and in such case it would have to break the resistance provided by the weekly PP at 1,295.14.
SWFX traders are still majorly bearish, as 67% of all open positions are bearish. However, it is a 3% move to the bullish side, as on Friday 70% of open positions were bearish.