- Zacks Investment Research (based on Investing.com)
The bullion fell sharply on Tuesday, as its worth declined from 1,289.46 at the start of trading to 1,268 at the end of Tuesday's trading session. With it, the metal moved below the monthly R1 at 1,278.62 and the weekly S1 at 1,274.76. At the moment, the yellow metal is trading at 1,267.60 against the US Dollar, and, if it continues its downfall, gold will likely move to the second weekly support at 1,251.97. However, aggregate technical indicators strongly forecast a surge for the commodity today, as not even one indicator predicts a downfall.
SWFX traders have decreased their bullish sentiment again, as it was at its peak of 70% on Friday. Today traders have open 57% short positions.