-Clif Droke (based on investing.com)
The yellow metal continued to surge on Thursday after booking gains on Wednesday. At the moment, on Friday the bullion already scored more than the previous day, as the metal has surged from 1,321.90 to 1,330.00 by 5:30 GMT. On its way northward, gold is not facing any resistance up to the level of 1,365.71, where the weekly R1 is located at. However, the metal might struggle with the upper Bollinger band, which is now at 1,342.33.
SWFX traders have not changed their positions regarding gold for the third consecutive trading session, as 53% of open positions are still bearish. However, long pending orders in the 100-pip range have decreased from 70% to 66%.